Gambling Bill in Kentucky Introduced in House
A gambling bill in Kentucky, House Bill 106, was introduced recently, which aims to legalize sports betting, fantasy sports, and poker in the state. The bill is sponsored by Reps Derrick Graham, Cherlynn Stevenson, and Rachel Roberts. Much like any good bookie business concept, the bill covers some of the most popular gambling products for both retail and online gambling.
We will probably see a lot of new sports betting bills being proposed as legislative sessions for the states will resume. Our pay per head blog will keep track of these bills, and report on which states will likely have a bill get voted into law this year. Naturally, Kentucky residents are hopeful that their state will be one of those. In the previous session, a bill was passed in the House. However, it was dropped in the Senate, so they are hoping for a better outcome this year.
The bill plans to add 26 amendments to the law. It will also add 13 sections that involve poker, fantasy betting, and online sports betting. If the bill passes into law, online operators can apply for a license. In addition, horse racing tracks can also partner with online sports betting operators.
Gambling Bill in Kentucky: What it Means for Sports Betting
Any PPH sportsbook will have a large catalog of sports leagues and events that players can bet on. The bill plans to allow these sports, such as the NFL, NBA, MLB, PGA, NASCAR, NCAA, as well as other national and international sports events. The license will be $500,000, and an annual renewal fee of $50,000. The proposed tax rate is at 9.75% for race tracks and 14.25% for online wagers.
In addition, online poker will also become legal if this bill passes. The license for this is $250,000, with a $10,000 annual renewal fee. The tax rate is at 6.75% on all fees, including the rake. Bettors will also be able to join Fantasy sports betting. Interestingly, if there are less than a hundred participants, a license for this will not be needed. But the licensing fee is not expensive, at $5,000.