Years ago, sports wagering faced long odds in the General Assembly, but betters finally won big Monday with Gov. Andy Beshear putting pen to paper and setting in motion the state’s emergency regulations governing sports betting. Emergency – because they had to be completed on a relatively quick timetable per state law.
Asked if the process might have moved too fast, Beshear reassured those anxious to place their bets.
"I cam confident that on Sept. 7 and then on Sept. 28, it's going to work. It's going to be a pretty seamless experience for those spending their entertainment dollars, but I do believe that there will be changes over time because we want the very best system that we can," the governor said, referencing the start of in-person and mobile betting operations.
Beshear’s Public Protection Cabinet head, Ray Perry, echoed that confidence.
"With these regulations, Kentucky can be sure that their bets are safe, their money is protected, and that there is effective oversight," he said.
Starting Tuesday, all 11 Kentucky horse racing facilities can submit their applications for a retail sports book license. They’ll be charged a $500,000 sign-up fee and a $50,000 renewal fee.
And speaking of money, just how much benefit will state coffers see? The number tossed around for years now is around $23 million annually.
"We first did the study five years ago, so I have no doubt that that's probably the floor rather than the ceiling," says former state Rep. Adam Koenig, referred to at the signing as the “godfather of Kentucky sports betting.”
Koenig spent years arguing for sports wagering during his time in the House.
"When you hear we're 37th, it kind of makes you shake your head that we're always that late, but better late than never," the Republican said. "I'm excited that we're going to be moving forward and credit to the administration for getting everything done quickly."
As for who makes that first wager, come September 7, it’s a good bet Gov. Beshear may be first in line.
