The state of Kentucky has been interested in the regulated sports betting field for many months now since it could provide potential benefits for the field and the local economy in the state. A new legislation was introduced recently which is striving to make sports betting a reality for both guests and residents of the state and the upcoming months will see a possible ruling on it.
Ever since mid-May the US Supreme Court made public its decision to overturn one of the long-existent bans on sports wagering, the field has witnessed significant changes. The year 1992 was when the Professional and Amateur Sports Protection Act came into effect and provided the sought regulation to the field of gambling on sports across the states. With some minor exclusions, most states were obedient by it up to this May which brought the revolutionary decision.
Following Delaware and New Jersey which already launched legal sports betting, numerous other states are currently working on their own framework for the field and Kentucky is among them. However, as it turns out it might follow the pattern of New York’s proposed bill, as that state is also going to see a proposed bill in 2019 once the state legislature convenes. The proposed bill goes by the name of Senate Bill 29 and it is supported by Sen. Julian Carroll, D-Frankfort in order to progress ahead.
Proposed Senate Bill 29 Aims to Bring Sports Wagering
The said legislation is going to be looked through at the 2019 General Assembly which could result in sports wagering receiving green light next year. According to the new legislation which has the potential to shape the field, horse racing tracks, as well as any off-track wagering venue, will be able to have sports betting on offer after the official voting of the Assembly next year.
This pre-filed bill suggests some amendments to the existing law of the Commonwealth, such as the inclusion of members of professional and collegiate sports organizations in the Governor’s appointments to the commission. Promotion of fair sports betting will also be featured, as well as a mandatory licensing fee amounting to some $250,000 for every operator willing to participate in the future field.
In addition to that, there will be a $25,000 fee for every annual renewal of the licensing. According to the proposed bill, there would also be a tax applied to the field which would amount to 3 percent of the total amount wagered at a sports betting facility.
It could be recalled that this is not the first attempt at sports betting regulation in the state as Sen. Carroll sponsored another bill, this time Senate Bill 22 earlier this spring as part of the 2018 session of the General Assembly. This move was planned in a way that would have permitted Kentucky to provide sports betting as soon as the SCOTUS rules on PASPA, but as it turned out this was not the case and now the area would have to wait until next year.
The push for this to happen stems from the fact that the local field has always been interested in sports wagering and the legalization of the gambling offering is sure to guarantee thousands of dollars invested back in the community. According to the bill revenue generated from such activities will be then deposited into the Kentucky Employees Retirement Systems Non-Hazardous and Kentucky Teachers’ Retirement Systems.