FanDuel, DraftKings, and BetMGM among Kentucky sports betting license applicants
Bluegrass State officials confirm seven mobile and seven racetrack applications as September launch deadline moves closer
The Kentucky Horse Racing Commission (KHRC) has confirmed receipt of sports betting license applications from seven mobile operators and seven of the state’s licensed racetrack operators.
The first seven mobile operators to apply for licenses are US market leader FanDuel, DraftKings, bet365, BetMGM, Caesars, Circa, and Penn Sports Interactive, which will likely utilize the soon-to-be-launched ESPN Bet brand in the Bluegrass State, should it be granted a license.
Racetrack operators applying for licenses include the Churchill Downs racetrack at Louisville, The Red Mile in Lexington, Turfway Park in Florence, Ellis Park in Henderson, and Oak Grove Racing, Gaming and Hotel at Oak Grove.
The list is rounded out by two yet-to-launch racetracks, the Cumberland Run, which will launch in Corbin, and Sandy’s Racing & Gaming located in Ashland, the latter of which has partnered with BetMGM.
Under Kentucky gambling laws, racetracks licensed for sports betting may open retail sportsbook facilities at their satellite locations.
The KHRC has confirmed the review of all application submitted, pending final votes at a full meeting of the Commission on August 22. The regulator has also confirmed it is reviewing sports betting licensing applications for key employees.
KHRC chairman Jonathan Rabinowitz said: “The KHRC is excited to open sports wagering and is working efficiently to meet the necessary deadlines.
“This is a careful process dedicated to wagering integrity and protecting bettors in the state of Kentucky,” he added.
Sports betting is expected to open on September 7 at retail locations in Kentucky, with mobile sportsbooks launching in the state on September 28.
Racetrack operators are required to pay an upfront fee of $500,000 for a license in addition to an annual renewal fee of $50,000, with license fees for online skins fixed at $50,000 and $10,000, respectively.
Adjusted gross revenue is taxed at a 9.75% rate for retail operators, rising to 14.25% for online.
Kentucky Governor Andy Beshear lauded the potential revenue boost for the state going into the traditionally busy season for US sports.
“The countdown is on. Kentuckians can plan to place their first sports wagers, at a retail location, in just 28 days,” Beshear said.
“Bringing sports wagering to the state not only gives Kentuckians a much-anticipated new form of entertainment, but also brings money to the state to support pensions, freeing up money that can be used to build a better Kentucky through the funding of education, economic development, disaster recovery, and other necessary projects, like providing cleaner water, building roads, and high-speed internet,” he concluded.