Kentucky sports betting bill passes Senate Committee
The Senate Licensing and Occupations Committee passed HB 551 by a vote of 9-1.
US.- The Senate Licensing and Occupations Committee has passed HB 551 by a vote of 9-1. This was the first step for the bill in the senate after it it was approved by the Kentucky House through a 63-34 vote on Monday (March 13).
The bill was introduced by representative Michael Meredith in February. It would allow retail and online betting on professional and college sports, international sports, e-sports, and video game events. The minimum age would be 18 and the market would be regulated by the Kentucky Horse Racing Commission.
HB 551 would create sports betting licences for the nine horse racing tracks in Kentucky. The tracks would be able to open in-person sportsbooks and partner with up to three online sports betting operators.
The proposal would set initial licence fees at $500,000 for tracks and $50,000 for gaming providers. The bill would tax in-person sports betting revenue at 9.75 per cent and online revenue at 14.25 per cent.
Meredith said: “We know there’s a significant amount of the marketplace that is just going across the state line, across the river to place their wagers.”
Last year, the Kentucky state senate’s legislative session ended with no vote on sports betting legislation. House Bill 606, sponsored by Adam Koenig, was approved in the 100-member House in a 58-30 vote in March, but the bill faced resistance in the Senate.
