Kentucky Predicted To Push Forward With Sports Betting Legislation
According to one Kentucky State Senator, the home of the Kentucky Derby could soon be home to an entirely different variety of sports betting action.
During the Sports Wagering and Impact on Horse Racing Symposium last week in Kentucky, Senate Majority Leader Damon Thayer commented on the state approving legalized sports gambling next year.
“I don’t want us to be one of the last states to pass sports wagering. I want us to be one of the first 10 states to pass sports wagering, and I want it to support the horse industry,” stated Thayer.
Thayer told the symposium that bipartisan sports betting legislation is being prepared ahead of the upcoming legislative session that will commence on January 8, 2019.
Though Thayer is confident that the Bluegrass State will inevitably bring legal sports betting to its borders, not all policymakers in the state are as eager.
Governor Matt Bevin’s stance on legal Kentucky sports betting remains unclear, with Thayer telling Blood Horse magazine that, “… I don’t think he’ll fight against it, but I don’t think he’ll be out there banging the drum for it.”
Aside from Thayer, there have been other policymakers working toward making regulated sports betting a reality in Kentucky.
State Senator Julian Carroll prefiled KY BR 29 shortly after the Supreme Court ruled to strike down PASPA, the federal law that banned state-licensed sports betting for decades.
BR 29 requires a $250,000 licensing fee for sports betting applicants and a $25,000 annual renewal fee. The bill would impose a 3 percent tax on handle, which translates to an almost record-high tax rate of 60 percent on sports betting revenue.
To put this into perspective, Nevada taxes sports betting revenue at 6.75 percent.
While the tax rate may be a point of contention, the nine-member bipartisan committee dedicated to working on sports betting legislation can work on the language of all future bill proposals.
Thayer believes that Democrats and Republicans in the state will be able to come together to pass a sports wagering. If all goes as predicted, residents can expect legal Kentucky sports betting by next summer.
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