The number of states where people may legally wager on sports has grown by one: Kentucky. A very few weeks after its introduction, the Senate voted 25 to zero to approve House Bill 551.
The Mechanisms of Kentucky’s Sports-Wagering System
Kentucky’s nine racetracks will be able to form partnerships with internet betting companies according to House Bill 551. The initial licensing price for tracks will be $500,000, while the yearly renewal charge for operators will be $50,000.
As in other states, you’ll be able to download an app and your service provider will have their own. Rep. Al Gentry, a co-sponsor of the bill, said, “So, when you are gambling on your phone or your app, you are probably not even going to be aware that the track has a license that supervises all of that.”
The sportsbook you choose will also have an impact on the amount of tax you pay. Online sportsbooks will be taxed 14.25% of their earnings, while retail sportsbooks will be taxed 9.75%.
The state of Kentucky stands to gain $23 million annually from the projected $2 billion wagered annually by sports betting companies in the state. Pensions and programs for those with gambling problems will benefit from these contributions.
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Sportsbooks Are A Huge Hit At The Nation’s Racetracks
The racetracks in the Bluegrass State are some of the most recognizable in the world. Having a long history in the US gambling market, Kentucky’s racecourse owners are eager to modernize their establishments by introducing online sportsbooks.
Depending on the rules and timeline set by the Kentucky Horse Racing Commission, “all of our (historical) facilities around the state were planned with this potential in mind and will be ready to allow sports betting.” The Churchill Downs statement, which dates back to the track’s 1875 debut.
When Can We Expect to Bet on Sports in Kentucky?
Although sports betting has just been legalized in the Bluegrass State of Kentucky, it will be quite some time before fans in the state can start placing wagers on their home teams. The first sportsbooks are expected to open for business by the end of 2023 or the beginning of 2024.
In places where sports betting is allowed, it is often a goal to have sportsbooks operational before Super Bowl time. So, I expect the release to occur in the first two months of the year 2023.
Meanwhile, Kentucky residents have their pick of many internet sportsbooks. Check out my articles on online sports betting in the United States and Kentucky.
Source: www.beatthefish.com