Kentucky regulator schedules special meeting to review, approve sports betting regulations | Yogonet International

The Kentucky Horse Racing Commission (KHRC) has scheduled a special meeting Monday to review and approve the state’s sports betting rules and regulations. Following its approval in the state legislature earlier this year, sports betting is expected to be available in the fall, according to industry participants and observers. However, the Commission has not yet provided an estimated timeline.

The KHRC Chairman, Jonathan Rabinowitz, noted at a meeting on June 20 that the commission has reached out to sports betting regulators in Colorado, Indiana, Ohio, New Jersey, and Massachusetts to ensure best practices are met. And in order to meet the necessary manpower to launch sports betting in the Bluegrass State, Rabinowitz said 14 employees are being hired by the regulator.

Upon the completion of these regulations by the commission, the nine racetracks in the state will be eligible to apply for sports betting licenses. The commission will then review those applications, grant licenses to qualified applicants, ensure that both retail and online sportsbooks adhere to regulatory requirements, and finally authorize the commencement of sports betting activities.

As per the law, each licensed horse track (of which there are nine in the state) will be eligible to partner with up to three online sports betting skins, allowing for a maximum of 27 operators in Kentucky. The 27 maximum is expected to allow for a mix of more established online sports betting brands, as well as smaller firms hoping to get into the market.

Bill Carstanjen

Bill Carstanjen, CEO of Churchill Downs Inc., said in May that it would likely be “around football season” that sports wagering might go live. Churchill Downs is the biggest player in the state’s horse racing and historical gaming industries and is eyeing expansion in this new state gaming vertical.

Rep. Al Gentry, a Louisville Democrat who co-sponsored the sports betting legislation, previously said that football season is a realistic target for sports betting to become available. However, the legislation gives the racing commission until the end of 2023 to set up regulations and award licenses.

Sen. Majority Leader Damon Thayer and Gov. Andy Beshear have also both shared their optimism that brick-and-mortar sports betting will begin in the state by the start of the football season. Beshear said he hopes the first bets can be placed by September.