Horse Racing Commission approves emergency sports betting regulations

LEXINGTON, Ky (WTVQ)- State leaders laid out their plan for sports betting Monday following the Kentucky Racing Commission’s meeting at the Red Mile Race track in Lexington.

The Kentucky Horse Racing Commission overwhelmingly approved emergency regulations during its meeting, meaning Kentuckians are one day closer to making legal sports bets. Minutes after the commission approved those regulations, Governor Andy Beshear signed off on them.

And now, in less than two months, Kentuckians can make their first ever sports bets in the state.

“This actions means that Kentuckians can make their first ever sports bet in Kentucky 59 days from now,” says Beshear.

On Tuesday, licensing applications open, meaning each of Kentucky’s horse racing facilities can apply for a retail sports book. On September 7th retail locations will open, followed by mobile bets on September 28th.

State representative Michael Meredith is the sponsor of House Bill 551. He says a lot of work went into making the dream of so many lawmakers and advocates before him- a reality.

“Today is a long-awaited day for Kentuckians across the breadth and depth of the commonwealth who have wanted sports wagering for many many years,” says Meredith.

The Kentucy Horse Racing Commission will oversee sports wagering and licensing.

The regulations allow horse racing tracks to be licensed for a $500,000 up front fee. Tracks could then renew their license annually for $50,000 dollars.

Governor Beshear anticipates the industry could bring $23 million dollars annually initially to the state.

“Bringing sports wagering to the Kentucky means more money to support our pensions for our hard working law enforcement, our educators, every state city and county employee. I want to see any freed up dollars to towards supporting public education economic development, disaster recovery,” says Beshear.

A long time advocate of sports betting, Beshear says he is be excited to make the first bet in the Commonwealth of Kentucky in 59 days.