The Kentucky Derby has a long history of betting before the race.
One hundred eight and four years, to be exact.
Future releases will come with added twists.
For the first time, horse racing tracks within the state, including Churchill Downs, are poised to become licensed sports betting facilities.
🏇 KENTUCKY DERBY BETTING GUIDE
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Senator Damon Thayer: There’s an opportunity to create new fans
Since Kentucky Governor Andy Beshear signed House Bill 551 on March 30, new revenue streams will be created for the state and additional waves of bettors are expected when the law goes into effect on June 29.
Like past events, dozens of individuals will bet on Saturday’s 149th running race of the Roses. Come fall, Bluegrass State residents are getting ready to take advantage of online betting on college and professional sports.
Sports betting in Kentucky is expected to generate approximately $23 million in annual tax revenue and licensing fees. Before the legalization of sports betting and the establishment of sportsbooks at horse racing tracks within the country and traditional institutions, millions of dollars in tax revenue were lost to neighboring states.
Now, the long tradition of horse racing betting must attract excitement from other sports. vice versa.
“There is no revenue stream in the bill specifically for horse racing, but I think by requiring retail betting sites to be at racetracks and simulcast centers, it could introduce a new type of bettor to horse racing,” said Sen. Damon Thayer. , according to what was reported by the Associated Press. “There is an opportunity to create new fans and any time you create new fans, that is good for everyone involved – racetracks, owners, coaches, jockeys, etc.”
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Jonathan Rabinowitz: “The committee is excited about the opportunity”
The seed for the state’s new revenue streams would come from an ancient source, horse racing.
Chauncey Morris, executive director of the Kentucky Thoroughbred Association, said: “We only see sports betting as an evolution of a parimutuel product we’ve been hosts to for two centuries.
After years of failed attempts to legalize sports betting in Kentucky, Thayer was shocked that the legislation was passed. Officials are now working on developing sports betting regulations. A portion of the tax proceeds will go to individuals with gambling problems and the state’s public pension system, according to the Associated Press.
One condition has been completed. Horse racing tracks will have to pay an upfront fee of $500,000 to become a licensed sports betting establishment. Trails will also have to pay $50,000 for annual license renewals. Beshear said he expects the regulations to be in place before the NFL regular season begins.
Kentucky horse racing tracks are expected to allow three sports betting service providers. Providers will be regulated by the Kentucky Horse Racing Commission (KHRC). They will need to pay $50,000 up front for a license and a $10,000 annual renewal fee.
KHRC also plays a key role in helping the Cabinet of Public Protection draft the new rules.
KHRC President Jonathan Rabinowitz told the Associated Press that KHRC has big plans.
“The committee is excited about the opportunity presented to them,” he said. “(KHRC) works tirelessly to craft clear, responsible and comprehensive regulations for sports betting in the Commonwealth.”