New Kentucky sports betting bill would authorize up to 27 operators for nine tracks

A state lawmaker has filed a brand new Kentucky sports activities betting invoice that he believes provides the Bluegrass State its greatest likelihood to legalize sports activities betting on this abbreviated 2023 legislative session.

Rep. Michael Meredith (R-19) filed HB 551 yesterday, which goals to legalize retail and on-line sports activities betting for the state’s 9 horse tracks.

It’s a streamlined invoice that doesn’t embody legalized poker or fantasy sports activities.

“It removes on-line poker and fantasy contests, which appear to be an issue over within the senate and in discussions from final yr. We targeted the invoice solely on sports activities wagering,” Meredith mentioned in an interview with LEX18.

Kentucky sports activities betting hopes up once more

Meredith’s invoice seeks to legalize retail sports activities betting at licensed Kentucky horse tracks, akin to Churchill Downs, in addition to on-line sports activities betting all through the state. Every licensed horse monitor (of which there are 9 within the state) might be eligible to associate with as much as three on-line sports activities betting skins, permitting for a most of 27 operators in Kentucky.

The proposed legislation provides the Kentucky Horse Racing Fee the regulatory energy over sports activities betting within the state and the authority to award licenses.

Tracks would pay an preliminary charge of $500,000 for a license and an annual renewal charge of $50,000 to the Kentucky Horse Racing Fee. Sports activities betting operators partnered with tracks might be required to pay a $50,000 charge for a license and an annual $10,000 renewal charge.

Whereas Meredith appears hopeful that his invoice has the assist within the state legislature to move, it faces an uphill journey this yr. Kentucky odd-year periods are restricted to only 30 days and require a three-fifths majority for payments to be handed.

The invoice units the retail tax charge at 9.75% and the web sports activities betting tax charge at 14.25% on adjusted gross sports activities betting income.

Listed below are additional particulars on the proposed invoice:

• Bets on skilled sports activities, eSports, faculty occasions, Olympics, and novice occasions might be allowed.
• Residents age 18 and up will be capable of take part.
• An in-person on-line sports activities betting account registration requirement might be in place for 12-months after the invoice turns into legislation.

2022 sports activities betting got here shut

It’s the second yr in a row a Kentucky lawmaker has tried to push a sports activities betting invoice by way of the legislature. Final yr, Rep. Adam Koenig’s (R-Erlanger) invoice, HB 606, remained within the Senate Committee on Financial Improvement till remaining day of the state’s session, however by no means obtained a listening to or a vote on the Senate flooring.

Koenig’s sports activities betting invoice was permitted by the Kentucky Home of Representatives by a vote of 58-30 final March, however much like this yr the approval within the Senate would be the greatest problem.

Koenig’s invoice was much like Meredith’s, permitting for on-line and retail sports activities betting within the state and proposing equivalent tax charges. Koenig’s invoice solely allowed monitor to associate with one on-line sports activities betting operator in contrast with three in Meredith’s proposed legislation.