Kentucky's Sports Betting Bill Gaining Momentum
Kentucky's push to legalize sports wagering is picking up steam, with House Bill 551 gaining traction after a successful vote in the House earlier this week. This bill, sponsored by Rep. Michael Meredith, aims to legalize sports betting at the state's horse racing tracks for a fee of $500,000 and an annual payment of $50,000. These locations could partner with up to three sports betting providers for online and mobile services.
The bill, which passed with a vote of 63-34, is now making its way to the Senate. However, due to the division among lawmakers and the requirement for three-fifths vote approval in the Senate to become law, it remains uncertain if House Bill 551 will make it through the Senate.
If enacted, sports betting would be regulated by the Kentucky Horse Racing Commission, and the revenue generated would help bolster state initiatives, such as retirement systems. A significant portion of the funds would also be allocated towards addressing problem gambling. According to estimates, the legislation could generate around $23 million in annual tax revenue.
Sen. Chris Fugate, a Republican, has expressed concerns about the potential impact of legalized sports betting on families and argued that the proposal is not something Kentucky should be proud of. However, supporters like Rep. Meredith contend that the legalization is necessary because the activity is already available in neighboring states.
As of March 31, 2023, House Bill 551 was signed into law by Governor Andy Beshear, making Kentucky the 37th state to legalize sports betting. Retail operations were launched on September 7, 2023, with online betting services following suit on September 28, 2023.
Rep. Michael Meredith, the bill's sponsor, contends that House Bill 551 is necessary because sports betting is already available in neighboring states.
If enacted, sports betting would be regulated by the Kentucky Horse Racing Commission, and the revenue generated would help bolster state initiatives.
The legislation could generate around $23 million in annual tax revenue, according to estimates, with a significant portion earmarked for addressing problem gambling.
Sen. Chris Fugate, a Republican, has expressed concerns about the potential impact of legalized sports betting on families, and argues that it is not something Kentucky should be proud of.
