Kentucky House Passes Sports Betting Bill By Nearly 2-to-1 Margin

The KY House passed a banknote to legitimatize sports betting inward the commonwealth too soon Monday evening.

The 62-34 voter turnout on House Bill 551 cleared the three-fifths absolute majority supporters required to capture since the Federal Reserve note generates revenue and makes appropriations inwards a non-budget year.

The note would set aside Kentucky’s IX racetracks to offer up retail sportsbooks at its tracks and simulcasting facilities. It also would grant tracks to partner with upwardly to leash roving operators each.

Tracks would pay $500,000 for a license, with an yearbook renewal fee of $50,000. Operators would make up a $50,000 license fee and an annual renewal fee of $10,000.

Retail sports betting revenues would follow taxed at 9.75% of familiarized gross revenues, spell online operators would pay off a 14.25% tax. The only if deductions allowed would follow for the .25% federal excise assess the federal governance places on for each one wager.

It’s the 2nd square yr the House has passed a bill. Once again, the peak now heads to the Senate, where last year’s vizor died after weakness to let a committee sense of hearing or a flooring balloting before the session ended. This year, the note testament demand 23 yes votes to head in the 37-member Senate.

However, supporters are expressing optimism for this year’s bill, still as just now quint legislative days remain inwards the session.

State Rep. Michael Meredith, R-Oakland, the bill’s primary quill sponsor, believes they are nearly a couple of votes away from the 23 they demand to strait the account in the Senate this year.

Problem Gaming Fund Added to Bill

One ground for Meredith’s optimism is what was included inwards a House base amendment Monday. That peak included a supply for a job gaming fund, with that fund receiving 2.5% of the taxation revenue generated annually.

That was explicitly added, James Meredith said, because a match of senators requested it.

Hopefully, that’ll shore upwardly those (votes), and we’ll narrow it down,” James Meredith told Casino.org after the bill’s passage.

The problem gaming monetary fund was ace that land Rep. Al Gentry had championed, D-Louisville, who has been the primary co-sponsor on sports betting statute law in the House.

Gentry had filed a visor earlier inward the session that would hold created a problem gaming monetary fund that would feature received money from all sectors of sound gaming inwards Kentucky. While this monetary fund would only when be covered past sports betting revenue enhancement revenue, he told Casino.org he was allay delighted to control it inserted.

Kentucky is I of a few states that does non have got a problem gaming fund.

“I pose a lot of work into pushing that for a few years at present and happy to see to it it’s inwards there,” he said.

In addition, both James Howard Meredith and say Rep. Matt Koch, R-Paris, have got talked virtually bringing upwards a to a greater extent comprehensive problem gaming monetary fund for next year’s session.

The job gaming monetary fund was the secondment significant confirming change for the bill. Last week, the House Licensing, Occupations, and Administrative Regulations Committee approved a step in government note that removed a 12-month, in-person licensing demand for nomadic account registrations.

While the House passed Meredith’s story amendment, two others brought past a greenback opponent failed.

State Rep. Josh Calloway, R-Irvington, sought to forbidding the enjoyment of credit entry cards for sports betting deposits and salary increase the lower limit age to station a wager on a sporting event from 18 to 21. Both failed, with the eld modify falling by a 39-48 vote.

Calloway, after his amendments were defeated, said on the base that he would not stopover fighting for Kentuckians, especially against things that tin can “destroy people’s lives permanently.”

Time Running Out in Kentucky General Assembly

Supporters of the sports betting Federal Reserve note received unspoiled word finally week when an modern agenda for Tuesday’s Senate Licensing and Occupations Committee sense of hearing included HB 551. However, James Meredith said , after Monday’s vote, the commission may non get hold of upwardly his bank bill until maybe Wednesday. The Senate L&O Committee is also expected to take upwardly the gray/skill games bill that passed the House cobbler's last hebdomad and a visor that would legalize medical marijuana.

While George Meredith and other supporters express optimism virtually the bill’s chances, the clock is running out on this year’s session.

After Monday, in that location are just now quintuplet legislative days remaining. Three of them accept station this week, with lawmakers recessing starting on Thursday for Gov. Andy Beshear’s blackball considerateness period.

The session will resolve on March 29-30.

Another thing the government note has inwards its favor is Beshear’s support. He campaigned IV years ago on legalizing sports betting and reiterated that reenforcement before this year in his State of the Commonwealth address.

“I don’t reckon you’re sledding to see a veto,” Meredith said. “So, I believe everybody’s pretty well-to-do posing it cut down until after the negative period.”

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