LEXINGTON, Ky. — Caesars Sportsbook plans to launch in-person and mobile sports betting to Kentuckians ages 21 and older through a partnership with Keeneland and Red Mile racetracks, the company announced Tuesday.
What You Need To Know
- Caesars Sportsbook has partnered with Keeneland and Red Mile to offer in-person and mobile sports betting when it launches in Kentucky
- House Bill 551, signed into law at the end of March, allows Kentucky horse racing tracks to be licensed as sports betting facilities
- It's not clear exactly when sports betting will officially launch in Kentucky, but the law stipulates it must launch within six months of the bill's enactment
- Sports betting is estimated to generate about $23 million a year in tax revenue and licensing fees
Legal sports wagering is coming to Kentucky after lawmakers passed a law to legalize the practice in this year's legislative session. Ahead of the official launch of legal betting, Caesars Entertainment entered into agreements with Keeneland and Red Mile Gaming & Racing to offer mobile wagering and open brick-and-mortar retail sportsbook locations, according to a press release.
It's all subject to regulatory approvals from the Kentucky Horse Racing Commission, according to House Bill 551, which was signed into law at the end of March. The bill allows Kentucky’s horse racing tracks to be licensed as sports betting facilities for a $500,000 upfront fee and an annual renewal cost of $50,000.
“Keeneland and Red Mile are iconic horse racing venues with an important legacy in the state of Kentucky,” said Eric Hession, President of Caesars Digital. “Working with these historic institutions provides an unmatched opportunity to reach sports and racing fans in the state, and we look forward to working with the Kentucky Horse Racing Commission as we prepare to launch later this year.”
It's not clear exactly when sports betting will officially launch in Kentucky, but according to House Bill 551's text, it should be no later than six months after the bill's enactment.
Supporters said it's estimated to generate about $23 million a year in tax revenue and licensing fees. Revenue is set to cover regulatory costs. A percentage of the revenue would go to a fund to help combat problem gambling. After that, the revenue would go to the state public pension system.
“At Red Mile Gaming & Racing we are excited to continue introducing this historic harness track to new audiences,” commented Red Mile Chief Operating Officer Shannon Cobb. “Opportunities with sports wagering on site, added to live racing, simulcasting, and HHR Games accomplish goals we have worked toward for several years. Our relationships with Keeneland and Caesars in this venture could not be more valued.”