KHRC Validates Introduction Of Sports Betting For Retail In Kentucky; To Take Effect Concurrently With Beginning Of NFL Season
Byadmin
Aug 1, 2024Yesterday, July 10, it was revealed that the Kentucky Horse Racing Commission (KHRC) has validated the introduction of sports wagering. In addition, it will go into effect when the NFL season officially starts in September.
Pari-mutuel betting:
Kentucky racing officials validated pari-mutuel betting starting September 7 for retail at in-person sites like extension facilities, tracks, and simulcast venues. Mobile business regulations will begin on September 28, according to the Associated Press (AP).
Following the Republican-controlled Senate that validated sports betting by a 25-12 vote three months ago, on Monday, July 10, the KHRC held a meeting to vote on the introduction of sports wagering. The meeting was held at Red Mile Gaming and Racing in Lexington, Kentucky.
A new bill to bring money to the state:
The new sports betting bill was officially signed into law by Democratic Governor Andy Beshear and went into force on June 29 with the supervision of the KHRC. Moreover, the said Governor, in addition to this bill, also signed regulations at the track and was excited about the financial perks for sports wagering.
In this regard, in a statement he said: “Bringing sports wagering to the state not only gives Kentuckians a much-anticipated new form of entertainment, but also brings money to the state to support pensions, freeing up money that can be used to build a better Kentucky through the funding of education, economic development, disaster recovery and other necessary projects, like providing cleaner water, building roads and high-speed internet.”
Sports wagering is available at many Kentucky horse racing tracks:
Sports betting is legalized in almost three dozen states. It is projected to raise $23 million a year in taxes and licensing fees in Kentucky, and potentially boost interest in horse racing among punters at the track. However, the validation of the sports betting bill came after Beshear expressed hope that sports wagering would be up and running by the beginning of the NFL season. Additionally, the new law takes effect on the exact date when the defending Super Bowl champion Kansas City Chiefs play a match with the Detroit Lions.
Also, after the law goes into effect, sports wagering will be available at many Kentucky horse racing sites, including Ellis Park in Henderson and Turfway Park in northern Kentucky, which is officially owned by Churchill Downs Inc. (CDI), which will also have sports wagering available at nearby Derby City Gaming facility and a facility under construction in downtown Louisville. In addition, Keeneland in Lexington intends to offer sports wagering at its nearby Red Mile racecourse, which includes slots-like historical horse racing (HHR) machines.
What’s more, right now, CDI includes TwinSpires.com for online thoroughbred betting and has entered into an agreement with FanDuel.com for sports betting. Additionally, Keeneland has entered into a partnership with Caesars Sportsbook to operate at the Red Mile at the same time as the historic track.
Grant of licenses:
The KHRC regulations will make sure that up to nine operator properties and three providers are granted licenses. They also ensure employment for 14 officials, with the possibility of adding more as indicated.
These above regulations cover licensing and technical operations. Licensing involves service providers, operators and workers like IT support and sportsbook workers. As for technical regulations, they include provisions on responsible gaming and gaming.