Sportsbetting almost legal within Kentucky
The news has come out that the state representatives have passed legislation that will see Kentucky join a number of other American states and offer legal sports betting in the near future.
In a report from the local media last week it was revealed that the suggested bill had been approved by every member of the representatives. It means that it will be extremely soon that a vote will be offered. If this vote then passes then it means the wheels will be in motion to begin offering sports betting to patrons within the state lines.
Amateur sports included
It’s expected that the new sports betting legislation will include college sports as well as the more traditional professional sports leagues. The bill is said to have been put forward by a representative from the Republican side and has been sold to other members through the promise of increased tax revenues.
Increasing revenue for infrastructure
The horse racing commission within the state would be charged with regulating sports betting. This is because at first the only places that would be able to get a sports betting license would be tracks. The licenses will cost around half a million dollars and this on top of the additional tax revenues are expected to raise more than $20 million per year for the state. This money will be used to try and raise the level of funding for pensions in Kentucky.
Betting on mobile devices
It’s expected that the licenses wouldn’t cost half a million dollars every year, with a renewal fee costing just a tenth of that. It is believed that the tax rate for the new sports betting will be set at around 10% with mobile betting having an additional 4% placed on it. The legislation has also laid out that a portion of the tax revenue will be used to assist with the handling of problem gambling.
The media has reported that if Kentucky do finalise the legalisation of sports betting then it will become the 20th state to do so in the last two years. Part of what has prompted the representatives within the state to push for the legalisation is the neighbouring states also offering the services. They feel that because states close by are offering the service, if they don’t offer the service then that potential revenue will leave the state and leave Kentucky underfunded for vital services. They also want to stop large sums that are avoiding tax through illegal sports betting methods.
While the legislation is believed to have an excellent chance of being passed through the first stage, there could be further issues later on down the line. It’s believed that a number of members of the state senate are not as encouraged by the legalisation of sports betting. While the potential loss of revenue to other states and illegal methods could sway them towards passing the bill, at this moment in time they are said to be undecided on whether they want to pass the bill or not.