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Posted on: August 17, 2023, 05:22h.
Final up to date on: August 18, 2023, 12:47h.
On-line sportsbooks in Kentucky received’t be open till the top of September. However officers mentioned Thursday that residents will be capable to register for accounts by the top of this month.
“The countdown is on. We’re simply three weeks away from sports activities wagering in Kentucky,” Gov. Andy Beshear (D) mentioned in a information launch Thursday. “We’re able to ship the standard leisure expertise Kentuckians requested for whereas bringing cash to the state to assist pensions and unencumber funds that can be utilized to construct a greater Kentucky.”
Seven on-line sportsbooks submitted license purposes earlier this month: Bet365, BetMGM, Caesars, Circa, DraftKings, FanDuel, and Penn Sports activities Interactive. Kentucky’s sports activities betting legislation permits as much as 27 on-line licenses, three for every of its nine-horse racetracks.
Seven racetracks submitted purposes for brick-and-mortar sportsbooks: Churchill Downs in Louisville, Ellis Park in Henderson, Oak Grove Gaming and Racing in Oak Grove, The Crimson Mile in Lexington, Turfway Park in Florence, and two soon-to-open racetracks, Cumberland Run in Corbin, and Sandy’s Gaming and Racing in Ashland.
Winners Determined Subsequent Week
The Kentucky Horse Racing Fee will determine on which operators to approve at its August 22 assembly. Signal-ups for authorised on-line sportsbooks will start by August 28.
Betting within the Bluegrass State begins per week later, on September 7, however solely at in-person services. Beshar, a bipartisan sports activities betting legislation champion, has mentioned he will probably be proud to put the primary wager that day, which is the primary of the NFL season.
On-line sportsbooks will be capable to start accepting deposits from prospects on September 7, however precise betting must wait three weeks till September 28.
Tiered Implementation
Kentucky is taking a tiered method to implementing its new sports activities betting legislation. That’s completed to check insurance policies and procedures at brick-and-mortar sportsbooks earlier than cellular purposes start accepting bets.
The KHRC is worked up to open sports activities wagering and is working effectively to satisfy the mandatory deadlines,” Chairman Jonathan Rabinowitz mentioned in an announcement. “It is a cautious course of devoted to wagering integrity and defending bettors within the state of Kentucky.”
Officers estimate Kentucky will earn $23 million in annual tax income as soon as its sports activities betting legislation is absolutely applied. On-line sportsbooks are taxed at a charge of 14.25%, whereas brick-and-mortar services pay 9.75%.
Kentucky will ship 2.5% of the proceeds to a newly created downside playing fund.
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