LEXINGTON, Ky. — It’s been a week since Gov. Andy Beshear (D) signed House Bill 551, paving the way to legal sports wagering in the Commonwealth.
Kentucky racetracks like Red Mile in Lexington are excited about the new business.
Otis Freeman is more than your average fan of horse racing. In fact, Freeman says he and his family have worked with horses for years and regularly attends Red Mile’s racing and gaming space for quarter horse racing shows—in which the fastest horses run for a short distance.
“Full speed in a few strides, it’s like drag racing cars.” Freeman said about the experience being a thrill for horse racing bets.
Freeman currently has friends traveling as far as Oklahoma to bring their horses to Lexington’s gaming and historical horse track.
Beshear signed the bill that will allow regulated sports wagering into law, and the Kentucky Horse Racing Commission will be in charge of operations once the infrastructure is in place.
Red Mile and other facilities are getting ready for what they say will bring a new “state-of-the-art wagering space” to their historic track.
The law allows licenses to be purchased by tracks statewide, and could take around six months before going into effect.
“HB 551 not only bolsters Kentucky’s horse industry and creates an opportunity to build new fans of the sport, but also creates a new revenue stream for the commonwealth,” said Mary C. Jones, vice president of operations and director of marketing for the Red Mile Racing and Gaming Center.
While some are excited for Kentucky to join surrounding states where sports wagering is legal, others say it can lead to addictive qualities.
State Senator Julie Raque Adams (R-Louisville) said it’s something that could bring potential stability to what was already operating to an extent.
“It’s a sports wagering bill that utilizes the current infrastructure that we have set up with the racing commission to go ahead and win it,” Adams said.
When it comes to budget and social concerns, Adams said two major aspects of this bill will include a portion of sales tax put into a pension fund, with another toward helping those who deal with problem gambling.
“Like I said, it’s the first time we’ve ever included that in a bill and it’s a really significant piece of public policy,” she said.
It’s safe to say this bill may not change how people like Freeman choose to go about enjoying a good bet, but he says that those who invest in horse racing like his friends could find success.
“Then when you get races like this, that’s paying some good money, then they come here to race,” he said.
With tracks and gaming spots like Red Mile awaiting the changes, the new law could take nearly six months before it’s active.