Kentucky Approves Sports Betting

With just hours left of the Kentucky legislative session for this period the Senate voted to approve sports betting with a 25-12 majority, even thou many were concerned there maybe was not enough support to get it over the line in time for this session.

With the majority vote the sports betting bill now makes its way to the governor for signature into making it legal for residents in the state to bet on sporting events.

Now with the Republican-dominated Senate approving the bill with Republican Senate Majority Leader Damon Thayer saying, “We love our sports in the commonwealth,” going on to say. “And people want to be able to make the choice — of their own free will — to make a wager on a sports event, like almost all of our surrounding states.”

Now democratic governor Andy Beshear, who has been in favour of legalising sports betting will sign the bill allowing for sports betting, indeed in a latest social media post the governor said, “Kentuckians will soon be able to place their bets here and for the first time, keeping the resulting tax revenue in the Bluegrass State.”

With just seemingly formalities of the governor approving the bill that is estimated to generate $23 million a year in revenues and licensing fees, although the governors office believes the number to be much higher.

The Kentucky Horse Racing Commission will regulate all sports betting within the state which will allow horse racing tracks to be licensed as sports betting facilities for a fee of $500,000 and an annual fee of $50,000

Those race tracks will also be allowed to find providers for online sites and mobile applications to be operated by third party providers at a cost of $50,000 for a license and a renewal fee of $10,000.

A percentage of revenues will go to combat gambling related problem gambling along with funds going to state public pension system.