Kentucky officially announced the launch of its sports betting industry in April this year, commencing an exciting transitional period for the Bluegrass State. This is after Governor Andy Beshear approved House Bill 551, allowing the Kentucky Horse Racing Commission to start the process of creating a legal sports betting system. The Commission is liaising with industry specialists and other regions in the United States to identify any loopholes and best practices.
Recently, Governor Beshear admitted that the state had started hiring personnel for sports betting compliance. The governor expressed optimism that the market will launch before the start of the NFL season, with the new law set to be implemented as of June 28, 2023.
It's understood that the Commission is hunting for motivated experts to fill vital positions related to sports betting compliance and assist the state in executing the new program. Among the crucial roles that the Commission wants to fill include:
Governor Beshear was overjoyed at this accomplishment, stressing that hiring more personnel to fulfill the growing licensing and enforcement roles associated with the legal sports betting industry would be necessary. The latest move to create a solid regulatory system proves the state's commitment to creating a fair and open betting atmosphere.
Commenting in April after signing the bill into law, Governor Beshear said:
"For years I believed it was time for Kentucky to join so many other states and pass sports betting. We talk about having a competitive business climate, but we do not have an important business that nearly every state surrounding us has. Our dollars were supporting Indiana, West Virginia, Ohio and other states."
In 2021, the House passed a similar proposal to House Bill 551, seeking to introduce legal sports betting. Sadly, this bill did not navigate past the Senate after legislators voted against it. Sports betting industry analysts believed the new bill would face a similar fate, claiming it was short of one more Republican vote. Thankfully, the law gained momentum to cross the finish line.
The Kentucky Horse Racing Commission has already approved nine sports betting operators to acquire sports betting licenses. These companies include:
Note that the regulator requires each operator to partner with a maximum of three legal online sportsbooks. After the industry launch, there could be 27 sportsbook partnerships in the Bluegrass State.
