KENTUCKY — With the passage of House Bill 551, Kentucky’s horse racing tracks could apply to receive licenses as sports betting facilities for a $500,000 upfront fee and an annual renewal cost of $50,000.

State Rep. Michael Meredith, R-Oakland, who was the primary sponsor of the bill, joins this In Focus Kentucky segment, to detail how the legislation that now allows betting on professional sports, college sports, amateur sports and so much more. Meredith also elaborates on how against all odds, and after many years, Kentucky lawmakers finally chose to legalize sports betting in the state, especially during a non-budget year. 

“It really wasn’t about, ‘Let’s just legalize this.’ It was about, ‘Let’s bring these dollars that are already being spent, home.’ And let’s bring these dollars that are being spent out of the illegal and unregulated marketplace, into a regulated marketplace here in Kentucky,” said Meredith.

House Bill 551 cleared the Senate chamber by a 25-12 vote — needing a minimum of 23 votes to pass — and Gov. Andy Beshear, D-Ky., signed it into law hours later.

Pre-registration for mobile sports betting began Aug. 28 and runs through Sept. 28. Many mobile platforms are offering bonuses for initial sign-ups.

You must deposit money electronically into an account to get started. Minimum deposits vary by platform. Most are from $5 to $10.

You can watch the full In Focus Kentucky segment in the player above.