The Kentucky Horse Racing and Gaming Corporation is set to meet Tuesday to discuss, among other matters, a potential expansion of sports betting items.
Key takeaways
- The KHRGC will consider additions and clarifications to Kentucky’s sports betting catalog.
- No specifics were released on what could be affected, though timing could be notable given the proximity to the Kentucky Derby.
- Mobile wagering continues to reshape the commonweath's sports betting market, allowing for more robust offerings including less popular sports like American Cornhole League.
According to a public notice released Monday, the meeting will notably include a “request for approval of sports wagering catalogue additions and clarifications,” though there's no word on specifics beyond that.
Currently, the KHRGC allows for a robust offering of markets and wagers, including all four major professional leagues, various NCAA offerings, as well as boxing, eSports, professional cornhole, and of course, horse racing.
The market also offers a standard mix of wagers, including the often popular same-game parlays, single bets, Over/Under, and prop bets, to name a few.
Timing could be notable
While Kentucky sports betting features a robust market, the decision's timing could be the cause of speculation.
With the Derby just a few short weeks away, it’s unclear if any decisions could affect the historic race. Notably, Churchill Downs racetrack recently closed its in-person venue, though that certainly won’t impact spectators' ability to place bets during live events, including the first leg of the Triple Crown, which runs on May 3.
"With 98% of sports betting made on mobile platforms such as FanDuel, there simply isn’t a profitable path forward for us to sustain profitability as a retail operator," Churchill Downs racetrack spokesman Darren Rogers said. "We’re going to focus our time and resources elsewhere.”
Kentucky state law requires online platforms to partner with one of the state’s horse racing tracks. According to the Louisville-based Courier Journal, however, race-goers can still walk up to mutuel-clerk windows or use self-service machines to place bets, though there’s no doubt the appeal of skipping the lines with mobile wagering remains a factor.
That overwhelming adoption of online betting certainly appears to be the greatest driver of change in Kentucky's sports betting space, something ESPN Louisville Radio host Drew Deener feels completely changed the face of betting on these storied races.
“I think I went once, and then it's like, no, you don't have to keep track of the ticket; you have to worry about cashing it; it's all right there,” Deener said. “You can bet on a game in progress in Europe right now if you wanted to, whereas having to drive to the sportsbook, get your car out, find your way in there, make the bet, it just (doesn’t) make any sense."
That’s not necessarily a bad thing, he added though, pointing to increased television ratings across the board since betting legalization.
“You look at it; so many events ... these TV ratings are up," Deener said. "Yeah, of course they are; people are betting on it."
