With a retail launch approaching, the Kentucky Horse Racing Commission and the Public Protection Cabinet released frequently asked questions for legal sports betting.
The series of questions and answers serves to educate bettors, as well as operators, to how Kentucky sports betting will operate.
FRANKFORT, Ky. – Team Kentucky, which is made up of the Kentucky Horse Racing Commission and the Public Protection Cabinet, released their FAQs for Kentucky’s upcoming legal sports betting launch. Answers to the frequently asked questions explain how sports betting will be taxed, how sports betting operators can acquire a license, and what sports are available for betting.
The first series of questions and answers state that the Kentucky Horse Racing Commission oversees Kentucky sports betting and the launch dates for retail and mobile.
Retail locations open on September 7, 2023 and mobile applications are available three weeks later on September 28. Kentucky’s nine licensed horse racing facilities can have up to three mobile licenses, totaling 27 permitted mobile applications in the Blue Grass State.
Kentucky bettors can place wagers at brick and mortar sportsbooks or through a mobile app. The FAQs also provide a link to the list of eligible Kentucky facilities for sports betting licenses.
Kentucky residents can bet on professional sports, international and amateur sporting events such as the Olympics, eSports, and sanctioned college sports. House Bill 551 excludes youth sports and horse racing as sporting events.
Follow The Money
The next section of the FAQs concerns revenue, revenue distribution, and tax rate. Kentucky sports betting will be taxed at a 14.25% rate for online sportsbooks and 9.75% for retail sportsbooks based on their adjusted gross revenue.
An estimated $23 million annual tax revenue is expected by the state’s budgeting office. That legal sports betting revenue will be distributed to the Kentucky’s permanent pension fund, problem gambling assistance, and administrative costs of sports betting.
There is a separate link provided for the sports betting licensing FAQs and licensing portal for sports betting operators.
Tracks face an initial $500,000 fee with a $50,000 renewal fee. The sportsbooks must pay an initial $50,000 fee with a $10,000 renewal fee.
The full list of frequently asked questions can be accessed here.
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News tags: Kentucky | Kentucky Horse Racing Commission | KY HB 551 | Public Protection Cabinet
Zach is currently a student enrolled at Florida State University. He is majoring in Writing, Editing, and Media with a minor in Communication. Zach is interested in the legalization aspect of sports betting and enjoys participating in DFS. He has a passion for sports writing and most enjoys writing about football and baseball both professional and collegiate.