Kentucky One Step Closer To Legalized Sports Betting

Kentucky One Step Closer To Legalized Sports Betting

As sports betting and other forms of gambling slowly become legal state by state across America, Kentucky is the latest to pass a required bill in the latest move to make it happen.
Bill 606 would legalize online as well as in-person betting in the state, daily fantasy sports and online poker. It moved through the House floor last week and will now advance to the next stage.

Republican Adam Koenig, the bill’s primary sponsor, told us: “House Bill 606 … legalizes sports wagering and regulates it. It regulates the daily fantasy sports, which goes on openly on U.S. companies today, and it legalizes and regulates online poker.”

Whilst many states pass separate legislation for each product, Kentucky has tried to do several in one which could help or hinder it down the line.

Sports betting is legal already in many states that surround Kentucky so it would be a natural choice that punters don’t need to cross state lines in order to place a bet and that they can do so from the comfort of their own home, at the same making some welcome revenue that can be spent on fellow Kentuckians.

Rep Koenig quoted a statistic from the American Gaming Association which predicts that around $2b is already wagered illegally in the state every year.

Should the bipartisan bill pass, a tax on sports betting of 9.75% of adjusted gross revenue for in-person betting and 14.25% of adjusted gross revenue for online sports betting would be taken. These funds would primarily go towards the pension fund of the state.

Revenues of $22.5m in the first year have been quoted although this is expected to be at the lower end of the spectrum.
“Given how many states have exceeded their projections, I think $22.5 million is probably a minimum,” Koenig told us.
It wasn’t a unanimous vote by any means, however.

Republican Daniel Elliott told us that he is a big believer in personal responsibility, but voted against the bill.
“I think the appropriate way to deal with this issue and all issues of gaming in Kentucky and gambling is through a constitutional amendment. That I would support,” he said.

David Hale, also a Republican, said he would also be voting against the bill as it primarily aims to generate revenues that would come from some of the most vulnerable in society.
One person proud to co-sponsor the bill was fellow Republican Rachel Roberts, her colleague Cherlynn Stevenson, meanwhile, told us it is easily the issue her constituents have contacted her about in her four years in the house with around 99% of those people being in favor of introducing legislation allowing sports betting, both in-person and online, to become law in Kentucky.

The bill cleared the first hurdle by 58 votes to 30 and has now passed onto the Senate.

Related News

Chicago Casino to Be Raises Issues

Chicago Casino to Be Raises Issues

A new casino project is coming to life in Chicago. This is the new casino complex at the Medina Temple and it’s a Bally’s Resort Casino. It will bring much to the…
Nov 30, 2022 Law and Regulation
Macau Gives New Casino Licenses

Macau Gives New Casino Licenses

Macau is a region in China that’s well-known to casino fans all over the world. It has casinos that fuel its economy and plays a vital part in China’s economy. But because…
Nov 28, 2022 Law and Regulation
16-Year-Old Loses Thousands to Gaming

16-Year-Old Loses Thousands to Gaming

Gaming is fun to do in your free time, but if you don’t know when to stop then it will turn into an addiction. There are many gaming addicts that are afraid…
Nov 17, 2022 Law and Regulation
Westminster Introduces New Gaming Measures

Westminster Introduces New Gaming Measures

Regulations exist in the world of casinos to keep operators from crossing the line. They also exist to keep players in check as sometimes they can go against their regulations. That’s why…
Nov 16, 2022 Law and Regulation
Macau to Go Back to Normal

Macau to Go Back to Normal

Macau, and China in general, have had the most of it when it comes to COVID. The virus has spread across the country and has forced its officials to introduce strict regulations…
Nov 08, 2022 Law and Regulation
Australia to Introduce New Casino Ads

Australia to Introduce New Casino Ads

Australia has had a lot of things happen to its casino industry. Famous brand names have lost licenses or were fined because of not adhering to regulations. Also, the number of casino…
Nov 02, 2022 Law and Regulation
Nebraska Regulators Onboard with Temporary Casino

Nebraska Regulators Onboard With Temporary Casino

The casino industry expands left and right. New resorts take the place of old ones and players get new places to visit, and the community gets an influx of jobs. This happened…
Oct 27, 2022 Law and Regulation
Bermuda Hotel gets Casino License

Bermuda Hotel Gets Casino License

Currently, there have been many expansions in the world of casinos. The Vegas Strip has gotten new ones and even New York is going to grant new casino licenses. There are also…
Oct 10, 2022 Law and Regulation
ECA Welcomes Back the UK

ECA Welcomes Back the UK

Europe is a big market when it comes to gaming and most of the countries that make up this market are part of the EU. That’s why the union decided on a…
Oct 05, 2022 Law and Regulation
Lousiana Riverboat Casino to move on land

Louisiana Riverboat Casino to Move on Land

Riverboat casinos are pretty popular and they have been so for some time. It’s a casino venue you can visit while enjoying a nice trip on the water. These casinos also have…
Sep 19, 2022 Law and Regulation
Bidding War for Macau Licenses Gets Surprise Contender

Bidding War for Macau Licenses Gets Surprise Contender

For a long time, Macau has held the title of the largest gambling hub that the world has ever seen. And why not? Huge, grandiose, and splendorous casinos tower within the city.…
Sep 15, 2022 Law and Regulation
Casino Regulatory Commission in Japan Needs More Money

Casino Regulatory Commission in Japan Needs More Money

The Japanese Casino Regulatory Commission recently asked for a budget increase, claiming it needs more funding to accomplish its regulatory duties. The Japanese gambling industry is still in its infancy. The practice…
Sep 08, 2022 Law and Regulation