Kentucky Governor Andy Beshear delivered on his promise to sign sports betting legislation into law Friday, paving the way for the start of regulated sports betting in the new year.
The bill signed by Governor Beshear on Friday (March 31) comes into force in June, making Kentucky the 38th US jurisdiction to legalise sports betting, with licensed online and retail operations expected to launch in early 2024.
“Now, after years of urging action, sports betting is legal in Kentucky. We finally did it! Today’s result shows that hard work pays off,” Governor Beshear said. “Kentuckians will soon be able to place their bets here, and for the first time, we are going to keep those dollars here to support our economy and communities.”
The regulated market is expected to generate $23 million a year after full implementation, with that revenue dedicated to the Kentucky permanent pension fund, alongside 2.5 per cent to the problem gambling assistance account.
“I appreciate the Governor’s decision to sign this measure and look forward to working with the administration as sports wagering is implemented. Clearly the time has come,” said bill sponsor Rep. Michael Meredith.
“An overwhelming number of Kentuckians support allowing consenting adults to legally wager on sporting events. We know that many are already placing bets today, they’re just with illegal, unregulated offshore gaming entities and the state is left carrying the burden. As HB 551 becomes law, our commonwealth can begin reaping some of the benefits.”