In March, Kentucky finalized the legalization of sports betting. Although the activity was legalized, the state is yet to launch it as it awaits the Kentucky Horse Racing Commission (KHRC) to implement regulations that are necessary for the activity. Officially, the new sports betting law in Kentucky goes into effect on July 1, 2023, however, the KHRC will have up to one year to set up the necessary regulations.
While there’s no solid confirmation when legal sports betting will officially launch, it is only a matter of time. Now, ahead of the much-anticipated launch of legal sports betting, a new report suggests that one of the biggest betting and entertainment companies in the US, FanDuel, is exploring options for entry in Kentucky.
As reported by Sports Betting Dime, FanDuel’s director of communications, Alexander Pitocchelli, confirmed the company’s intent to partner with Churchill Downs to secure access to the sports betting market in the state. While there is no official confirmation at the time, such a move won’t be surprising for FanDuel, considering that the company continuously expands its presence and is among the betting operators at the helm of the regulated market in the United States.
Sports Betting Expansion across the US Continues
The legislation in Kentucky enables retail sports betting via the state’s horse tracks, as well as online. The state currently has nine such tracks, including Churchill Downs, and each of those horse tracks has the option to join forces with up to three online sports betting operators. This is expected to create a strong and competitive market, allowing operators, small and large, to enter Kentucky’s sports betting landscape.
Keeping in mind the recent report, FanDuel would become the second betting operator to access the legal betting market in the state. This is because Caesars Sportsbook, another major betting operator, secured market access for both retail and mobile sports betting. The company joined forces with Historic Racetracks Keeneland and Red Mile last month, allowing it to access the market ahead of the launch of sports betting.
Once Kentucky launches legal sports betting, it joins a growing list of more than 30 US states that already offer the activity. Judging by data from the American Gaming Association, as of June 22, 2023, there are four US states, such as Kentucky, that have legalized the activity but are yet to launch it. On the other hand, five states have no legislation, while in seven states the betting legislation has come to a dead end, at least for this legislative season.