Kentucky mobile betting license on dispute: FanDuel, Bet365, and DraftKings leading the race
Kentucky state regulators are set to vote on sports betting license applications the following month, more specifically, on August 22, just a couple of weeks before retail and mobile wagering go live on September 7th and 28th respectively.
As stated in an official announcement by the Kentucky Horse Racing Commission (KHRC), as of now, more than half horse racetracks within the state have submitted applications for sports betting licenses.
Actually, seven out of nine horse racetracks in KY have submitted applications for sports betting licenses, including some of the most popular ones such as Churchill Downs, Cumberland Run, and Oak Grove Gaming and Racing.
Furthermore, there has been a submission of applications for mobile licenses by seven distinct sportsbook operators in the Commonwealth. While FanDuel, Bet365 and DraftKings are leading the race, there are other big names like BetMGM, Caesars, and Circa who want to enter the Kentucky market.
Nonetheless, they all have a big chance of making it into Kentucky since each track can partner with up to three online operators, meaning there are 21 potential spots to be filled.
What this means to habitants of Kentucky
“The countdown is on,” Gov. Andy Beshear said in a news release yesterday. “Kentuckians can plan to place their first sports wagers, at a retail location, in just 28 days.”
This is huge news for sports gambling enthusiasts in the Bluegrass State who are now counting the days until they’re finally able to place bets on their favorite sports.
Embracing sports betting will not only benefit Kentuckians by offering them a new, exciting way of entertainment, but also by improving their overall quality of life.
Yes, sports betting can bring an enormous amount of money to an estate through taxes, which can help improve their citizens quality of life.
How? You may ask, well, simple, by helping the estate’s government finance projects regarding healthcare, education, public infrastructures, social security, etc.
You see, Kentucky will have a 9.75% tax on operator revenue from retail wagers and a 14.25% tax on revenue from online and mobile bets.
Although it’s not among the estates with the highest tax rates for sports betting, Kentucky is still estimated to reap around $23 million in yearly tax revenue from sports betting once it goes live, which is certainly a huge number for the estate.
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