Now that Kentucky has approved sports betting, Governor Andy Beshear wants it implemented as soon as possible. He told reporters at his weekly press briefing last week that he would like to see sports betting launch by the start of the NFL regular season in September.
The Bluegrass State became the 38th state to allow wagers on sports. The bill was signed by Brashear and goes into effect on June 28.
“The people are really excited about this, so we want to get it up and going as quickly as we can but also to do it right,” Beshear said at his weekly news conference. “I would really like to have it ahead of that first NFL game, knowing that that is a big starting date for people.”
Beshear might have an added motive to see sports betting in place by September. The incumbent is up for reelection in November and being able to champion the launch of sports betting would boost his chances to retain his governorship.
One of his 11 Republican challengers, Alan Keck, has proposed using the tax money from sports betting to bolster school safety. Senate Majority Floor Leader Damon Thayer estimated that $23 million could be brought in annually from sports wagering.
Keck said on a social media post that the money is vital to keeping children safe.
“There is simply nothing more important than ensuring that our kids, our teachers, and our administrators get home safe every day,” Keck said.
The bill designates the Kentucky Horse Racing Commission with the task of regulating sports betting. As the bill is written, Kentucky’s nine horse racing tracks may be licensed as sports betting facilities. The one-time fee for the license has been set at $500,000, with a renewal cost at $50,000 annually.
Tracks that choose to pay for the license would be afforded three sportsbook operators, who would have to pay $50,000 for the initial license, and an annual fee of $10,000.
Once the bill becomes law at the end of June, the Kentucky Horse Racing Commission will have the task of setting up operations. Brashear said the system will explore “best practices,” used in other states.
