Gov. Beshear Places Kentucky’s First Sports Wager at Iconic Churchill Downs
GLt. Gov. Coleman celebrates with wager at Turfway Park; Governor to visit Red Mile
LOUISVILLE, Ky. (Sept. 7, 2023) – Today marked the much-anticipated opening of in-person sports wagering in Kentucky, and Gov. Andy Beshear celebrated the historic moment by placing the first bet at Churchill Downs.
Gov. Beshear placed a $20 parlay bet for the “over” on wins for the University of Kentucky and University of Louisville football teams, and the “under” on Duke University’s football team.
“Today is a great day to celebrate and have a little bit of fun doing so,” said Gov. Beshear. “It has taken many years to get here, but sports wagering is finally a reality in Kentucky. This is a win-win for Kentuckians, who can enjoy a quality entertainment experience and benefit from funds staying right here in our state to help us build a better Kentucky.”
Gov. Beshear will place a second wager today at 1:30 p.m. EDT at Lexington’s Red Mile.
Lt. Gov. Jacqueline Coleman placed a wager at an opening event at Northern Kentucky’s Turfway Park, betting $20 on the Cincinnati Bengals to win the Super Bowl.
“Sports wagering will benefit all Kentuckians,” said Lt. Gov. Coleman. “It means more revenue for economic development, disaster relief and infrastructure projects, like new roads, bridges and clean water. It means more money for our public schools and support for the pensions of firefighters, public servants, teachers and law enforcement officers. Simply put, sports wagering is helping us build a better Kentucky for everyone.”
With college football already underway, the opening of retail sportsbooks comes just in time for the kickoff of the NFL season this weekend.
“It is an honor to host this historic first sports wager in the commonwealth at historic Churchill Downs. We are proud to offer Kentucky’s newest form of wagering entertainment to the hundreds of thousands of guests who enter our gates each year and to help facilitate the economic benefits that sports wagering will bring to Kentucky,” said Mike Anderson, president of Churchill Downs Racetrack.
“The Kentucky Horse Racing Commission (KHRC) and the KHRC staff worked tirelessly to meet this challenge. The KHRC is dedicated to wagering integrity, and while we are celebrating today’s launch, our work continues,” said KHRC ChairmanJonathan Rabinowitz.
“Red Mile and Keeneland have prepared a premium space dedicated to sports wagering,” said Shannon Cobb, chief operating and financial officer of Red Mile Gaming & Racing. “We believe Caesars will provide excitement with their sports wagering product that exceeds expectations, and we are excited to invite the public out for the full experience. We hope guests will also take a moment to experience live harness racing, gaming and great food and beverage while they are with us.”
“Protecting Kentucky’s bettors is our number one priority, that and providing the best customer experience. Thanks to an extremely dedicated team, we are meeting those goals on an ambitious timeline,” said Public Protection Cabinet Secretary Ray Perry.
A list of licensed retail sportsbooks is available here. Some locations are coming soon.
Today’s news is the latest in a string of sports betting announcements by Gov. Beshear.
On Aug. 15 and 18, Gov. Beshear signed executive orders 2023-480 and 2023-483 appointing members of the Sports Wagering Advisory Council. The council will advise the full commission and provide additional voices who have knowledge of the sports betting industry.
On Aug. 17, Gov. Beshear announced a timeline for sports wagering to open in Kentucky. That timeline now moves closer to full implementation. Key dates for Kentuckians to remember include:
- Thursday, Sept. 7, at 6 a.m. EDT: Wagerers started depositing money into their pre-registered mobile accounts, in preparation for mobile launch.
- Thursday, Sept. 28, at 6 a.m. EDT: Approved mobile applications can start taking wagers.
On Aug. 22, the KHRC voted to approve temporary licenses for seven operators and nine service providers. The details of those approved for licensure and their business relationships are available here.
On Aug. 31, the Sports Wagering Advisory Council recommended an initial catalogof sporting events for wagering in Kentucky. The recommended catalog was approved by KHRC Executive Director Jamie Eads, subject to ratification by the full commission at their next scheduled meeting. See the Wagering Catalog for the complete list.
Kentucky chose a tiered implementation, which has been used in multiple states and which allows for the testing of policies and procedures before the full rollout that includes mobile applications.
House Bill 551 established a new excise tax on sports wagering: 9.75% on the adjusted gross revenues on wagers made at a licensed facility and 14.25% on wagers placed online or on a smartphone.
Sports wagering is expected to increase the state’s revenue by an estimated $23 million a year upon full implementation. The increase in revenue will support the oversight of sports wagering and then be dedicated to the Kentucky permanent pension fund.
Additionally, 2.5% will support the Problem Gambling Assistance Fund. The fund educates Kentuckians on safe gambling practices, the risks of developing a gambling problem, risk factors and warning signs of gambling problems and available services to reduce the consequences of problem gambling.
Resources are available by calling or texting 1-800-GAMBLER (1-800-426-2537) or online at KYCPG.org or by emailing [email protected]
About Churchill Downs Incorporated
Churchill Downs Incorporated (NASDAQ: CHDN) has been creating extraordinary entertainment experiences for nearly 150 years, beginning with the company’s most iconic and enduring asset, the Kentucky Derby. Headquartered in Louisville, Kentucky, CDI has expanded through the development of live and historical racing entertainment venues, the growth of the TwinSpires horse racing online wagering business and the operation and development of regional casino gaming properties. www.churchilldownsincorporated.com
This news release contains various “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the use of terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “seek,” “should,” “will,” and similar words or similar expressions (or negative versions of such words or expressions).
Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Important factors, that could cause actual results to differ materially from expectations include the following: the occurrence of extraordinary events, such as terrorist attacks, public health threats, civil unrest, and inclement weather, including as a result of climate change; the effect of economic conditions on our consumers’ confidence and discretionary spending or our access to credit, including the impact of inflation; additional or increased taxes and fees; the impact of the novel coronavirus (COVID-19) pandemic, including the emergence of variant strains, and related economic matters on our results of operations, financial conditions and prospects; lack of confidence in the integrity of our core businesses or any deterioration in our reputation; loss of key or highly skilled personnel, as well as general disruptions in the general labor market; the impact of significant competition, and the expectation the competition levels will increase; changes in consumer preferences, attendance, wagering, and sponsorships; risks associated with equity investments, strategic alliances and other third-party agreements; inability to respond to rapid technological changes in a timely manner; concentration and evolution of slot machine and historical racing machine (HRM) manufacturing and other technology conditions that could impose additional costs; failure to enter into or maintain agreements with industry constituents, including horsemen and other racetracks; inability to successfully focus on market access and retail operations for our TwinSpires Sports and Casino business and effectively compete; online security risk, including cyber-security breaches, or loss or misuse of our stored information as a result of a breach including customers’ personal information could lead to government enforcement actions or other litigations; reliance on our technology services and catastrophic events and system failures disrupting our operations; inability to identify, complete, or fully realize the benefits of our proposed acquisitions, divestitures, development of new venues or the expansion of existing facilities on time, on budget, or as planned; difficulty in integrating recent or future acquisitions into our operations; cost overruns and other uncertainties associated with the development of new venues and the expansion of existing facilities; general risks related to real estate ownership and significant expenditures, including risks related to environmental liabilities; personal injury litigation related to injuries occurring at our racetracks; compliance with the Foreign Corrupt Practices Act or other similar laws and regulations, or applicable anti-money laundering regulations; payment-related risks, such as risk associated with fraudulent credit card or debit card use; work stoppages and labor problems; risks related to pending or future legal proceedings and other actions; highly regulated operations and changes in the regulatory environment could adversely affect our business; restrictions in our debt facilities limiting our flexibility to operate our business; failure to comply with the financial ratios and other covenants in our debt facilities and other indebtedness; increases to interest rates (due to inflation or otherwise), disruption in the credit markets or changes to our credit ratings may adversely affect our business; increase in our insurance costs, or inability to obtain similar insurance coverage in the future, and any inability to recover under our insurance policies for damages sustained at our properties in the event of inclement weather and casualty events; and other factors described under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in other filings we make with the Securities and Exchange Commission.
We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Press Contacts
Tonya Abeln
VP Corporate Communications
Churchill Downs Incorporated
Phone: (502) 636-4506
Email: [email protected]
