Kentucky is one of the newest states to legalize sports betting, launching retail and online platforms in 2023. With its strong horse racing tradition, Kentucky has seamlessly expanded into sports wagering, offering residents and visitors a legal and regulated way to bet on their favorite sports.
Key Points at a Glance
- Launch Date: September 2023
- Legal Betting Age: 18+ (unique compared to other states)
- Who Oversees It: Kentucky Horse Racing Commission (KHRC)
- Where to Bet: Online sportsbooks, mobile apps, and retail locations
- Number of Operators: 7+ sportsbooks currently licensed
- Tax Rate: 14.25% on online revenue, 9.75% on retail revenue
- Notable Features: Strong ties to horse racing and unique age requirement
A Brief History of Sports Betting in Kentucky
Kentucky’s sports betting journey officially began in March 2023 when Governor Andy Beshear signed sports betting legislation into law. The state moved quickly to launch retail sportsbooks and online platforms by September 2023, just in time for the NFL season.
The Kentucky Horse Racing Commission (KHRC) oversees sports betting, reflecting the state’s historic ties to horse racing. Kentucky’s decision to allow individuals 18 years and older to place bets sets it apart from most other states, where the minimum age is 21.
Where Can You Bet on Sports in Kentucky?
Kentucky bettors have access to both retail and online sports betting options:
- Online Sportsbooks: Major operators are live in Kentucky, offering competitive odds and betting options. Top platforms include:
- DraftKings
- FanDuel
- BetMGM
- Caesars Sportsbook
- Retail Sportsbooks: Sportsbooks are available at horse racing tracks and other approved venues, such as:
- Churchill Downs (Louisville)
- Keeneland (Lexington)
- Turfway Park (Florence)
- Mobile Betting Apps: Kentucky’s licensed sportsbooks provide mobile apps for convenient betting on the go, with features like live betting, same-game parlays, and fast withdrawals.
Sports Betting Rules and Restrictions
Kentucky has implemented rules to ensure responsible and fair betting:
- Legal Age: Kentucky allows individuals 18 and older to bet, a unique feature among U.S. sports betting states.
- Location Verification: Bettors must be physically located within state borders to place online or mobile bets.
- Betting Options: Betting on professional sports, college sports, and horse racing is permitted. However, high school sports betting is prohibited.
Taxes and Revenue
Kentucky applies a 14.25% tax rate on online sportsbook revenue and a 9.75% tax rate on retail sportsbook revenue. The revenue generated funds public programs, education initiatives, and infrastructure improvements.
Early projections indicate that Kentucky’s sports betting market will generate significant tax revenue, helping to support essential state services.
The Future of Sports Betting in Kentucky
Kentucky’s strong start positions it for steady growth in the sports betting market. With a focus on horse racing and professional sports, the state has created an attractive environment for operators and bettors.
As more sportsbooks enter the market and technological innovations enhance user experiences, Kentucky is poised to become a notable player in the expanding U.S. sports betting landscape.
How to Start Betting on Sports in Kentucky
- Choose a Licensed Sportsbook: Select a trusted platform like DraftKings, FanDuel, or Caesars Sportsbook.
- Register and Verify: Sign up through a mobile app or website, verifying your identity and location.
- Deposit Funds: Add money to your account using a preferred payment method.
- Place Your Bet: Choose from various sports and betting markets.
- Withdraw Winnings: Securely cash out your winnings through the sportsbook’s payment options.
Conclusion
Kentucky’s sports betting market is promising, offering residents and visitors a seamless and regulated way to wager on sports. Kentucky is well-positioned for long-term success with its unique 18+ age requirement, strong ties to horse racing, and access to major operators.
Kentucky will continue to build on its rich sporting tradition as the market evolves, providing an exciting and responsible betting experience for all.