Bet on It: An Exclusive Interview with Senator Damon Thayer on Kentucky's Game-Changing Sports Wagering Law
In an exclusive interview with Gambling.Re, Senator Damon Thayer discusses the landmark introduction of legal sports betting in Kentucky
In a ground-breaking development poised to transform Kentucky's entertainment and finance sector, the state is preparing to step into a new era of legal retail sports betting from September 7th, followed closely by the introduction of online wagering on September 28th. This landmark move was set into motion following the Kentucky Horse Racing Commission's (KHRC) unanimous decision to approve administrative regulations governing sports betting, a move that secured the backing of Governor Andy Beshear and state lawmakers. As the 2023 NFL and collegiate football seasons approach, this legislation promises to spark a wave of excitement and fresh economic opportunities.
In this exclusive Gambling.Re interview, we engage in an enlightening discussion with Senator Damon Thayer of Kentucky, providing an in-depth exploration of this monumental shift in the state's legal landscape. Senator Thayer offers an insider's perspective on the multifaceted facets of House Bill 551 (HB 551), its alignment with broader legislative goals, the mechanisms in place to protect players, and the potential future legislative adjustments in response to this fast-evolving industry. Read on to understand the remarkable fusion of philosophy, fiscal strategy, and future aspirations shaping Kentucky's bet on sports wagering.
Gambling.Re: How does the legalization of sports betting align with Kentucky's broader legislative priorities, and what are your personal views on this significant change in the state's gaming laws?
Senator Damon Thayer: Sports betting has been something residents of Kentucky have been demanding for a long time. From a freedom perspective, I think it aligns with the Republican supermajority’s legislative priority of less government and more freedom. I've always believed it's up to people to determine how they spend their hard-earned money. There are fellow conservatives in the supermajority who may disagree with me on this issue, and that's okay. I respect those who have moral objections to sports betting, but for me, supporting the legislation was long overdue and is not inconsistent with my conservative philosophy.
Furthermore, a significant priority of the Kentucky General Assembly has been stabilizing public pensions, which were woefully underfunded for a long time. We have made a concerted effort to overfund the retirement systems of our teachers, police officers, and state employees. Sports betting legislation earmarks revenues to ensure they go to the Public Pension Trust Fund. So, I think House Bill 551 broadly touches our legislative priorities, philosophically and fiscally.
Gambling.Re: Given that Kentucky is entering relatively uncharted territory with sports wagering, could you elaborate on the legal measures that have been established to ensure players' protection?
Senator Damon Thayer: We have placed the responsibility of overseeing sports betting with the Kentucky Horse Racing Commission (KHRC), which I fully believe in. With Kentucky's signature horse racing industry, the infrastructure and oversight necessary to ensure everything runs smoothly existed within KHRC. Sports betting will not be uncharted territory for Kentucky. The only thing that will change is that residents of Kentucky won't have to leave Kentucky to place a sports bet. We recently heard from KHRC during a legislative committee meeting, and it reported confidence in the hires it will make related to auditors. Something we often heard from opponents of HB 551 was concerned about problem gambling, and that's certainly an issue. We earmarked a percentage of revenues to be set aside to help address problem gambling. As I said during the recent committee meeting, I think Kentucky will do well, and we will do better than surrounding states.
Gambling.Re: Given the fast-paced evolution of the sports betting industry, do you anticipate further legislative adjustments in the near future to keep up with changing trends and demands?
Senator Damon Thayer: I'm sure there will be things that may require some legislative tweaks, but I don't anticipate it to be anything too significant. KHRC can address regulatory matters, and I know it will do a fine job. KHRC representatives will communicate with us in the legislature should any needs arise. It's important to remember Kentucky has a part-time legislature, so we are not always in session. Any tweaks would have to occur during the 60-day session in even-numbered years or 30-day sessions in odd-numbered years unless the governor finds it necessary to call a special session.