Sports Betting Bill in Kentucky Advances in the legislature
The state of Kentucky took the first step in legalizing sports betting throughout its borders. This is because the legislative committee made the decision to endorse its first Sports Betting Bill in Kentucky. Furthermore, according to gambling experts, the bill could bring around $20 million in new taxes per year.
Sports Betting Software experts believe that the decision for Kentucky to move forward with legal sports betting is its neighbors. At the moment, betting on sports is legal in West Virginia. Furthermore Tennessee, Ohio and Illinois are considering the same. Thus, to keep the gambling money in Kentucky, the legislature believes they must also make sports betting legal.
The Kentucky legislative realizes that in order to keep the economic incentive to legalize sports betting they must act quickly. This is because of an earlier analysis that found that it could generate $48 million per year. However, the revenue would only apply if its neighbors do not have legal sports wagering. If they do have it, then the revenue projections would drop to $20 million a year in tax revenues.
House Bill 175 for Legal Sports Betting
The bill that will make sports betting legal in Kentucky is House Bill 175. According to the bill, it would make it legal for Kentucky residents to bet on sports. However, each bet would have to be done in person at a horse track or at the Kentucky Speedway.
In addition, sports betting phone apps would be available but bettors would only be able to use them within the state. Furthermore, the sports gambling app would only be available for download within one of the horse racing track. Those who want to become an online bookie in Kentucky will have to work within these limitations.
House Bill 175 would allow betting on college sports except for when a team from Kentucky is playing. Furthermore, sportsbooks would have to pay a 9.75% revenue tax and a 14.25% tax for online sports betting. In addition, the bill would also legalize fantasy sports and online poker.
In yesterday’s legislation, the bill made it through without a hitch as no one made a “no” vote. However, before the bill can pass the legislature, it would need at least 60 votes out of 100. Gambling proponents are hoping to get enough momentum to pass the bill before the legislature adjourns on March 29, 2019.