What to know about sports betting in Kentucky before it launches
Friday 18 de August 2023 / 12:00
2 minutos de lectura
(Frankfort).- With sports betting just three weeks away from launching in the state, Gov. Andy Beshear, D-Ky., shared the latest updates, along with a timeline of key dates, at his weekly Team Kentucky address.
Betting will officially begin at 10 a.m. EDT on Thursday, Sept. 7, for in-person bets at licensed retail facilities. Kentuckians can pre-register an account with approved mobile applications at 6 a.m. EDT Monday, Aug. 28.
A list of approved retail facilities and mobile applications will be released Aug. 22, following the Kentucky Horse Racing Commission meeting.
“The countdown is on. We are just three weeks away from sports wagering in Kentucky,” said Beshear. “We are ready to deliver the quality entertainment experience Kentuckians asked for, while bringing money to the state to support pensions and free up funds that can be used to build a better Kentucky.”
Sports Betting Timeline:
Tuesday, Aug. 22, at 1:30 p.m. EDT: KHRC will meet to vote on license applications. This vote will determine which retail facilities and mobile applications will be approved for use in Kentucky.
Monday, Aug. 28, at 6 a.m. EDT: Kentuckians can pre-register an account with approved mobile applications. Allowing pre-registration eases strains on electronic systems that can sometimes happen when many people try to register at once.
Thursday, Sept. 7, at 10 a.m. EDT: Wagerers can place an in-person bet at licensed retail facilities.
Thursday, Sept. 7, at 6 a.m. EDT: Wagerers can deposit money into their pre-registered account with approved mobile applications.
Thursday, Sept. 28, at 6 a.m. EDT: Approved mobile applications can start taking wagers.
Kentucky chose a tiered implementation. This has been used in multiple states and allows for testing of policies and procedures before the full rollout which includes mobile applications.
The KHRC is currently in the process of reviewing applications for retail and mobile betting platforms that wish to do business in Kentucky.
Sports betting will generate an estimated revenue increase of $23 million a year upon full implementation. That money will be dedicated to the Kentucky permanent pension fund and 2.5% to the problem gambling assistance account. The bill also established a new excise tax on sports wagering: 9.75% on the adjusted gross revenues on wagers made at a licensed facility and 14.25% on wagers placed online or on a smart phone.
For more information about sports wagering in Kentucky, visit the KHRC website.
Categoría:Legislation
Tags: Sin tags
País: United States
Región: North America
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