House Panel Passes Bill to Legalize Sports Betting in Kentucky
Supports of sports wagering have been trying to legalize sports gambling within its borders for the last two years. Unfortunately, previous attempts have not had any success due to its controversial nature. While this may seem unusual considering the popularity of horse betting in the state, it is nonetheless true. However, this year may be different as the House Panel passes Bill 551 which would Legalize Sports Betting in Kentucky.
According to Sportsbook Pay Per Head news, 2023 may be the year where betting on sports become legal in Kentucky. This is because this time, the Bill unanimously made it pass the House Licensing & Occupations committee. With such results, Bill 551 is showing tremendous, bipartisan support and momentum in the House.
State Rep. Michael Meredith, who is the sponsor of the bill was very happy with the results. He said that he is “very optimistic going into the House floor vote and going into the Senate vote”.
The Bill will now go to the House floor for another vote and If it passes will go to the Senate. Hopefully, this will happen before the legislative session wraps up at the end of the month. If it passes, Bookie Software Solution companies estimate KY would generate $23 million a year in tax revenue.
Why Bill 551 to Legalize Sports Betting in Kentucky may Become law
Last year, an effort to legalize sports wagering in Kentucky made it pass the House but not the Senate. However, Rep. Meredith strongly believes that this year will be different. This is because of several details that were not available in the previous bill.
The main reason is because this is a taxation bill and establishes a new tax. Under such circumstance, it would have to meet a 60% threshold of approval by both chambers. This means they need 23 votes to pass the 38-member Senate. Rep. Meredith says he is confident it will pass but only by a vote or 2.
Under HB 551, the tax on sports betting would be 9.75% at horse betting facilities and 14.25% online.
In addition, the bill would be under the regulation of the Kentucky Horse Racing Commission. Meredith believes they are the ideal commission to for it because their excellent track record with horse betting. To receive a sports betting license, facilities would pay a fee of $500,000 and renew it every year for $50,000. Furthermore, participating tracks could contract with up to three service providers to provide sports wagering services at the track itself.
The Bill would only be for sports betting and would not legalize online poker or fantasy sports.
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