The Kentucky Horse Racing Commission (KHRC) has received applications for new mobile sports betting licenses from seven operators, including Bet365 and FanDuel.
Kentucky will open its legal online gambling market next month, according to a schedule agreed last month.
This came after the governor, Andy Beshear, approved the legal stakes by signing House Bill 551 in April.
Land-based betting will go live on September 7th, with mobile betting following on September 28th.
Applications for licenses in the state have been open for some time, with KHRC receiving bids from a number of major operators.
Bet365 and FanDuel are among the bookmakers vying for the license
In addition to Bet365 and FanDuel, other operators applying for mobile licenses are:
- BetMGM;
- Caesars;
- Circa;
- DraftKings;
- Penn Sports Interactive.
With regard to permits for brick-and-mortar establishments, the KHRC reported that seven of the state’s licensed bookmakers have filed applications.
These include Churchill Downs in Louisville, Oak Grove Gaming and Racing in Oak Grove, Ellis Park in Henderson, The Red Mile in Lexington and Turfway Park in Florence.
Other contenders are Cumberland Run, soon to open in Corbin, and Sandy’s Gaming and Racing, a new location in Ashland.
Last week, BetMGM partnered with local Sandy’s to secure market access in Kentucky.
Racetracks that obtain a license will be able to open sports betting establishments in their localities.
All entries will be subject to a vote at a Full Commission meeting on August 22nd. The commission warned that registrations do not guarantee licensing in the state.
Bets will generate more funds for the Kentucky public coffers
Governor Beshear reiterated earlier comments that the legalization of sports betting in Kentucky will help generate more funds for the public coffers.
The countdown to legal betting is underway “Kentucky locals can plan to place their first sports bets in as little as 27 days.”
“Bringing sports betting to the state not only provides Kentucky residents with a long-awaited form of entertainment, it also brings money into the state to support pensions.”
“This frees up money that can be used to build a better Kentucky by funding education, economic development, disaster recovery and other needed projects like providing cleaner water, building roads and high-speed internet,” added Beshear.
KHRC President Jonathan Rabinowitz added: “KHRC is excited to launch sports betting and is working efficiently to meet the necessary deadlines. This is a careful process dedicated to the integrity of betting and the protection of bettors in the state of Kentucky.”
Sports Betting Rules in Kentucky
Signed into law by Beshear in the spring, House Bill 551 succeeded where previous attempts to legalize sports betting had failed.
The law makes nine Kentucky racetracks eligible to offer brick-and-mortar betting.
Each racecourse can also be associated with up to three online operators. This means that up to 27 licenses are available.
Kentucky will operate with a two-tier tax system. The online tax rate is 14.25% of gross gambling revenue, and the physical tax rate is 9.75%.
A license will cost $500,000 for a racecourse and $50,000 for an online operator to join.
