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Kentucky Governor Andy Beshear Signs Legal Sportsbooks into Law

by Dave Schwab - 4/5/2023

Kentucky horse racing

The state Senate passed HB 551 into law last Thursday night. The House bill authorizes legal sports betting, and Governor Andy Beshear signed it the following morning on March 31. Legal Kentucky sportsbooks in nine retail accounts and up to 27 online accounts will probably launch in the third or fourth quarter of 2023.

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HB 551 allows the nine retail horse racing tracks to operate one retail sportsbook and up to 27 online sportsbooks while partnering with a mobile sports betting site. The Kentucky Horse Racing Commission will serve as the state’s sports betting regulator.

The adjusted gross revenue on these sportsbook operators will be taxed at 14.25%. Sports bettors in Kentucky can wager on professional sports, college sports, the Olympics and esports. Also, residents in the state will only need to be 18 or above to legally wager on sports.

At the historic signing of the 37th state to legalize sports betting, Gov. Beshear stated:

“Kentuckians will soon be able to place their bets right here in the Commonwealth, and for the first time, those dollars are going to help support rebuilding our bridges, repaving our roads, funding our education system and improving our communities. We are doing what is right – not just to keep dollars in our state, but to keep our red-hot economy on fire.”

The Specifics on Legal Sports Betting in Kentucky

The legislation allows sports betting in retail sportsbooks that are part of state’s horse racing tracks and their gaming venues. These gaming facilities offer historical horse racing machines that are slot-based. For example, Churchill Downs can branch out to Derby City Gaming, Oak Grove Racing & Gaming and Newport Racing & Gaming with legal retail sportsbooks.

In a recent statement by Churchill Downs, the company said:

“Churchill Downs Inc. is excited to bring our experience operating brick & mortar sports wagering venues tom our home state of Kentucky. All of our (historical horse racing) facilities throughout the state were designed with this possibility in mind and will be ready to offer sports betting under the regulations and timing the Kentucky Horse Racing Commission.”

Sports betting industry analysts predict almost 80% of state’s legal wagering on sports will be done online through websites and mobile betting apps. Online operators such as FanDuel and DraftKings can partner with the state horse racing tracks to offer sports betting on the internet. State law authorizes that the nine horse racing tracks can contract up to three online sportsbooks.

State Representative Al Gentry is Louisville Democrat that co-sponsored HB 551. He stated:

“It’s going to be very similar to other states where you will have an app, and that service provider will have their own application. So when you are wagering on your phone or on your app, you’re probably not even going to be aware that the track has a license that oversees all of that.”

The state bill goes in to effect 90 days after the legislation session. State Attorney General Daniel Cameron will set the actual date. The Kentucky Horse Racing Commission has six months after this set date to authorize the administrative regulations of sports wagering by retail and online sportsbooks.

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