Kentucky Lawmakers Mull Over Racetrack Sports Wagering Framework ahead of 2019

Gaming field in Kentucky is bracing for the introduction of new competitive offerings on a state level as the local lawmakers work on the potential sports wagering framework. The set of rules could be completely ready for the voting that is scheduled to take place at the beginning of January 2019, as it was confirmed by Republican Damon Thayer, Leader of the state Senate Majority.

According to the information provided, the 8th January is set to witness the official start of the new Kentucky General Assembly which could potentially bring a fresh start to sports betting within the borders of the state as well. The date is important for many individuals and companies in the field as they see it as the first potential opportunity for making a change.

The lasting impact of legal sports wagering on a state level is projected to be seen in the upcoming weeks once a green light is given, but up until that point, the state lawmakers would have to work on the field framework.

Potential Sports Wagering Features

According to the announcement made by Mr. Thayer, at the moment the state is adjusting the details of a bipartisan legislation that would provide the needed regulation for Kentucky’s future sports betting field. Over the span of the 30 days of session at the very first month of 2019, it would have to be thoroughly reviewed and potential changes would be made to its language.

As it has been revealed by the white paper devised by Kentucky’s Equine Economic Advocate, racetracks across the state would have to be eligible to sports betting offerings. The state is well-known for its extensive experience with horse races and local facilities are equipped and prepared for hosting wagering activities on their premises. Pari-mutuel wagers have been taking place and gambling operators have the needed preparation for fully-fledged sports betting utilizing experienced staff and an utmost level of security.

The field would have to be regulated by an authority keeping a close eye on it and this would be the Kentucky Horse Racing Commission. With its already established position in the field and the data accumulated throughout the years, this regulatory body has the full potential to bring control to the field while allowing it to develop and thrive in the future. Horse racing machines have been in operation overseen by it for many years now, in addition to the pari-mutuel wagering activities typical for the state.

The horse industry is expected to benefit considerably from the introduction of legal sports betting to the region since some part of the revenues would be allocated to it. Mr. Thayer stated that the guaranteed subsidies for horsemen should be among the mandatory features of the local gaming field.

The Kentucky Thoroughbred development fund would receive some 10 percent of the license fees proceeds which would be allocated to s spots betting trust fund. The competitive tax rates would also have to be included in the future framework overseeing the field, in order to maintain Kentucky’s position among neighboring states also introducing it.

Gambling Field’s Foreseeable Future

This month would be a heated fone for the region. The official opening of Derby City Gaming is set to 14th September, giving enough time for the final touches to be placed by facility’s management. However, several soft openings would be sprinkled prior to it, the first of which was on Monday.

A total of 200 people would oversee operation of the new venue, making sure all racing enthusiasts experience premium gaming on a total of 600 historical racing devices. The new introduction to the field has the potential to become the proud host of well-rounded sports books in the upcoming months.

Since the field is looking forward to becoming more competitive and providing a wider audience with its offerings, mobile wagering on sports events might be in the books. However, for the time being, the possibility of establishing such remains slim. It has also been confirmed by Mr. Thayer, that at the moment Governor Matt Bevin is not the most eager supporter of the idea, even though he is not opposed to it either. In the months leading up to the beginning of 2019 more details are set to be revealed.

COMMENTS