A separate bill to fund problem gambling initiative with money from the Flutter/PokerStars settlement also advances but is trimmed to $50 million. “I’m no oddsmaker, but if I were put on the spot today, I’d lay [7-to-2 odds for HB 606, and 2-to-5 odds for HB 609] for passage.”Two separate bills — one to legalize online poker and sports betting in Kentucky , and one to fund the state’s problem gambling initiatives — won passage in the state House of Representatives and have moved on to the Senate, where lawmakers are likely to consider them in committee next week.
The first bill, HB 606 , passed the state House by a 58-30 vote on March 18. Four days later, it was referred to the Senate Committee on Licensing and Occupations, which next meets on March 29.
Timing is of the essence since the Kentucky General Assembly adjourns sine die on April 14. The legislature has only four regular session days remaining.
HB 606’s primary sponsor, Rep. Adam Koenig (R-Erlanger), said the state estimates sports betting alone would net $22.5 million in annual tax revenue.
“Given how many states have exceeded their projections, I think $22.5 million is probably a minimum,” Koenig said, according to the Owensboro Times .
Estimated tax revenue from online poker is unclear, but the bill in its current form would levy a monthly gaming fee of 6.75% on net poker revenue. Poker operators would pay an initial licensing fee of $250,000 and annual renewals would cost $10,000.
If enacted, the seven horse racetracks in the state would likely be the ones to offer online poker and sports betting in KY. HB 606 would allow each track to have one skin for sports betting, but they could also open up to two retail sportsbooks off-site within 60 miles of the track. If one track wanted to build a retail facility within the 60-mile zone of another track, the affected track would need to give the first track written permission to do so.
Sportsbooks would pay an initial licensing fee of $500,000, with annual fees set at $50,000. Sports betting site operators would pay […]
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