In Summary: His bill proposes regulation for both retail and mobile wagering
The state could generate $20 million in tax revenue each year
Rep. Adam Koenig, who has been campaigning for legalizing sports betting in Kentucky since 2019, has expressed his frustration on the fact that the process is still in the works. A sports betting bill should now be examined during the General Assembly session this year, which started last Tuesday Koenig’s Hopes Are Not High
While speaking to Casino.org, Koenig stated that he’s unsure why the bill hadn’t received the green light yet, but given the history, his expectations weren’t high. The first bill that Koenig drafted in 2019 was promising, however, its lights dimmed down when it went back to the committee towards the end of its session.
Then, in 2021, a sport betting bill that focused on historical horse racing was filed during the 30-day short session, but the Supreme Court ruled that the Kentucky Horse Racing Commission does not have the authority to do this, and hence, gambling expansion plans were stalled once again.
Koenig stated that even though he is frustrated with the lack of success so far, he’s happy to file the bill. Since new legislative districts are set to be finalized for the new elections, Koenig told Casino.org that the sports betting bill will come a bit later in the session.
Kentucky’s General Assembly is set to adjourn in mid-April and even though there aren’t a lot of details concerning the bill, previous versions of it could be used as indicators as to what the current bill by Koenig might include.
For starters, previous versions included online poker and fantasy sports provisions and offered racetracks to feature both mobile and retail sports betting. Online wagers were to be taxed at 14.25%, while retail wagers were to be taxed at 9.75%.
Furthermore, previous versions had the Kentucky Horse Racing Commission regulating sports betting, which is something that is unlikely to change. In order to receive a license, professional sports venues had to hold a minimum of 50,000 people, which is a condition that the Kentucky Speedway […]
Click here to view original web page at www.gamblingnews.com
