LEXINGTON, Ky. (LEX 18) — With the passage and signing of HB 551, it’s now a race to the end zone as Kentucky gaming regulators will do the work necessary to become licensed to take sports bets. As many as 27 online entities could look to partner with the state as well.
Kentucky has one advantage that many of the other states that have legalized sports wagering did not have when they began their process.
“They already have an established commission that’s going to regulate everything. They don’t need to start from scratch,” said Rob Linnehan of New Jersey-based XL Media. Linnehan is an expert in gaming regulations, has been following it across the nation, and feels as if our Horse Racing Commission has a good head start.
“I think it’s a good bill. A nice, robust bill and it’ll serve Kentucky proud,” he said of HB 551, which was signed by Governor Andy Beshear last Friday.
Mr. Linnehan said the online component of this bill is what will be the real money maker for the state.
“If it was only retail sports betting (on site), it would be a couple of million bucks a month. With online sports betting, you’ll see a couple hundred million dollars bet every month and a couple of million come in on taxes every month,” Linnehan stated.
Linnehan was well-versed on the Kentucky bill and knew all of the key players in both legislative chambers who helped its passage, mentioning former State Representative Adam Koenig and State Senator Damon Thayer. He believes regulators will take six months, which is their full allotment, before wagering goes "live” across the commonwealth.
“I don’t think this will be a two or three-month process like Kansas went through. It’s possible you could see a (first) bet at the tail end of 2023,” he estimated.
