From what I learned at K1, there are 4 settings on the karts: Beginner, moderate, advanced, and "off". Each setting gives a certain percentage of the available power.
Eg: Beginner is 40%, Moderate is 60%, advanced is 80%, and Off will give you full power.
All the karts are controlled by either a podium computer and/or something that resembles a hotdog vendor tray. The controller can limit the pack of karts, or individual karts for different scenarios (eg: emergency stop after a crash, or limiting horseplay).
When at K1, the staff was awesome and qualified us to fully unlock the karts when I was there. Some of the others were bumping, so they had their karts restricted while my group ran circles around them lol. The same karts were used at Pole Position in Vegas, and they never fully unlock the karts, plus they limit your power if you drive any faster than an old oriental woman.
Though both places are essentially the same, I had a much better experience at K1 than I did at Pole Position. Hence why I am hesitant to be excited for this place opening here.