The decision has been taken to legalize Kentucky sports betting with the aim to launch betting apps later in 2023. Major operators will now put plans in place to ensure they are ready to go live in the state by launch date.
Kentucky Sports Betting is coming
Sports betting has been legalized in Kentucky via Bill HB 551. The results of the House vote on HB 551 were 63-34 on favor, which meant it went through to the Senate who passed it with a 25-12 vote. The bill was then officially signed into state law by Gov. Andy Beshear on March 31, 2023. The bill will become active on June 28 and requires that the rules stipulate that the sports betting market must launch within six weeks, which means the industry is set to go live this year (2023).
Gov. Andy Beshear has claimed that his office has been “active in every part” of the efforts to bring legal sports betting to Kentucky before the start of the NFL regular season.
Beshear made his remarks 10 weeks before the Super Bowl champion Kansas City Chiefs host the Detroit Lions in the first game of the new NFL season. He is happy with the pace that regulators and partners are working at to ensure sports betting is live by the time that game comes around.
Regulators have already begun meeting operators and stakeholders in other states over the last few months. A meeting was held on June 20 in which Kentucky Horse Racing Commission chairman Jonathan Rabinowitz discussed best practice with gaming officials from states such as New Jersey and Colorado.
Multiple Apps could launch in Kentucky
There could be up to 27 betting apps that go live when the Kentucky sports betting market launches. Kentucky became the 37th state to legalize sports wagering following a vote in March. Although the Horse Racing Commission hasn’t awarded any licenses to online sportsbooks yet, it is more than likely that some of the biggest names in the business will be looking to obtain one as they look to increase their market share in the United States.
It is expected that DraftKings sportsbook, FanDuel sportsbook, BetMGM sportsbook, and Caesars sportsbook will all be looking to get a license to launch in Kentucky this year. Caesars will only allow users to wager on the platform if they are aged 21 or over, despite the legal gambling age being 18 in the Bluegrass State.
Gov. Beshear has long campaigned in favor of legal sports betting. The state has approximately 4.5 million residents and six bordering states already have a legal sports gambling industry: Ohio, Tennessee, Illinois, West Virginia, Virginia, and Indiana. Beshear hopes that the legalizing sports betting will bring the state in line with others and bring in some much needed revenue.
