New Sports Betting Bill Introduced In Kentucky
FRANKFORT, Ky. – A new sports betting bill was recently introduced in Kentucky and it aims to legalize gambling on sports along with other forms of gambling.
This past week, lawmakers introduced KY HB 175 in one of the House committees. This piece of legislation joins other bills in the House and Senate that aim to legalize sports betting in the Bluegrass State. The bill aims to legalize sports wagering in Kentucky along with online poker and daily fantasy sports (DFS).
Details About KY HB 175
If this bill passes, locals in Kentucky will be able to bet on almost any professional and college team. The only restriction that would be put in place would be that locals could not bet on Kentucky’s college teams.
“I think we are going to allow NCAA betting but not on Kentucky teams,” says Rep. Adam Koenig (R – Erlanger). “So that provides some protection for those universities and those kids."
The bill further details about who is going to regulate sports wagering in the state. As it is currently drafted, wagering on sports will be regulated by the Horse Racing Commission in Kentucky. They will be able to distribute sports gambling licenses to Kentucky’s racetracks and sports venues. As for DFS, that will be regulated by the Public Protection Cabinet and online poker will be controlled by the Kentucky Lottery.
Not only will this piece of legislation legalize land-based sports betting, it will also allow for and regulate online wagering on sports as well. But bettors in Kentucky will not be able to register for online betting remotely, they will have to go to a facility and register for an account in person. Once you have registered, the bill allows residents to gamble freely on sports online in Kentucky.
Incentive To Legalize Sports Betting
Kentucky lawmakers are keenly aware that residents already betting on sports in the state, they are just doing it with illegal bookies or using offshore websites. State congressmen want to bring that revenue being used in those underground methods back into the state.
The proposed tax rate for in person betting is 10.35 percent and for online wagering it will be 14.25 percent. The money generated through sports gambling will fund treatment for gambling addiction and will go to the underfunded pension systems in the state.
KY HB 175 will likely be debated on this upcoming Wednesday in the House Licensing, Occupations and Administrative Regulations Committee. The future of Kentucky sports betting is bright because are 15 different lawmakers sponsoring this bill from all sides of the political spectrum.
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