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Posted on Thursday, January 19th, 2006
The Kentucky Horse Racing Authority have approved the rules that would allow up to four international hubs that will take online wgaers from around the world.
This new regulation is expected to give Kentucky growth in revenue stream.
Four hubs in Oregon handled $23.2 million in wagers during the third quarter of 2001. Four years later, six hubs in the state handled more than ten times that amount — $262.9 million.
Wagers made through the TVG racing channel by Kentuckians are routed through its Oregon hub, which alone handled $119.8 million in the third quarter last year, according to Oregon Racing Commission statistics.
"What we’re hoping this is going to do is generate some interest so that we can probably get our hands around what would be a competitive rate," aid Jim Gallagher, the authority’s executive director.
Each Oregon hub has to pay an application fee equal to $200 for every day they will operate. They also pay a tax set at 0.25 percent of the handle. Kentucky primarily would be competing with Oregon.
In terms of an economic-development campaign to attract hubs, Gallagher said the first step was yesterday’s approval of the regulation. A bill passed in the 2004 Kentucky General Assembly allows the approval of up to four hubs. The regulation approved yesterday fleshes out the rules for such hubs.
How revenues would be divided if a hub locates in Kentucky is yet to be determined, Gallagher added.
"KY Authorities Approve Online Betting Hubs Rules" was posted on Thursday, January 19th, 2006 at 9:28 am and is filed under Horse Racing Industry, USA Horse Racing. You can follow any responses to this entry through the RSS 2.0 feed. Leave a response, or trackback from your own site.
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