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\nMany thought the sports betting bill would never make it out of the state Senate, but Thursday night, it passed in a 25 to 12 vote and Friday morning, Governor Andy Beshear signed the bill into law.<\/p>\n
\nMany thought the sports betting bill would never make it out of the state Senate, but Thursday night, it passed in a 25 to 12 vote and Friday morning, Governor Andy Beshear signed the bill into law.<\/p>\n
It will take effect in June, but it could be around the end of the year before sports betting actually begins in the Commonwealth.<\/p>\n
House Bill 551 will go into effect in late June. From there, the Kentucky Horse Racing Commission has six months to set up a sports wagering system in Kentucky.<\/p>\n
Horse racing tracks will be able to operate as sports betting facilities, but they must pay a fee. Bets will be allowed in-person and online. Kentuckians will no longer have to cross state lines to place their bets.<\/p>\n
The Kentucky Chamber of Commerce says the passage of House Bill 551 will make Kentucky more competitive since six of our seven border states have passed similar legislation in recent years.<\/p>\n
The bill allows each of Kentucky\u2019s nine tracks to partner with up to three online betting partners.<\/p>\n
Tracks would pay a $500,000 initial license fee and $50,000 for annual renewals. Operators would pay $50,000 initially and $10,000 annually thereafter. Retail sportsbooks would pay a 9.75% tax on revenues, while online operators would face a 14.25% tax rate.<\/p>\n
The vote means Kentucky will join 36 states and the District of Columbia in legalizing sports betting. It joins four states and D.C. in allowing people to bet on sports at the age of 18, according to the American Gaming Association.<\/p>\n
It is expected to spark an industry that books more than $2 billion in annual wagers and generates about $23 million in annual tax revenue for Kentucky. It would divert 2.5% of that tax revenue to a new fund to combat problem gaming. The remainder funds gaming regulatory expenses and Kentucky pensions.
\nSource: WBKO<\/p>\n","protected":false},"excerpt":{"rendered":"
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