gamblers in the state will not only have access to sports betting but also online poker as well as daily fantasy sports.<\/strong><\/p>\n\n\n\nWhy Is It Important?<\/h2>\n\n\n\n
Sponsored by Adam Koenig, the bill has received a lot of support recently. This is because now many of the legislators understand the potential of the sports betting and online gambling industry. Its supporters, who include renowned economist and former Kentucky Finance Cabinet Secretary John Farris, have stated that it has the potential to bring in up to $22.5 million in tax revenue<\/strong> to state coffers. This is a pretty big deal specifically because it might just be what pulls Kentucky out of its budget shortfall. This is estimated to be about $1 billion as of this writing.<\/p>\n\n\n\nAccording to Rep. Al Gentry, another supporter of the bill, while the gambling measure may not be the ultimate solution to the state’s problems, it is definitely a great first step. He believes that they will be able to retain the state’s “discretional spending dollars”<\/strong> from Kentucky residents. Most of them use foreign betting services or have opted to seek the thrill of the gamble in other states.<\/p>\n\n\n\n“Sports betting is already here, we just want to regulate it, we just want to retain the revenues that are leaving,” Gentry pointed out.<\/p><\/blockquote>\n\n\n\n
All of these are quite compelling reasons to support the legalization of sports betting and online gambling in Kentucky. However, there are still some parties that are either opposed to the bill or have chosen to remain neutral.<\/p>\n\n\n\n
What To Expect<\/h2>\n\n\n\n
If all goes well and the bill is eventually passed, the Kentucky\nHorse Racing Commission will be given regulatory oversight over the sector. The\nstate’s horse racing tracks and the Kentucky Speedway will initially be the\nonly parties eligible for the gaming licenses. For these licenses, they would\nbe required to pay $500,000 upfront and an annual renewal fee of $50,000. Retail\nsports betting operations will be taxed at 10.25 percent while online\nsportsbooks will be taxed at 14.25 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"Earlier this week, a bill that seeks to have sports betting legalized picked up bipartisan momentum in Kentucky. This bill was unanimously approved by a House committee and now it is headed to the House of Representatives for more consideration. Its been nearly a year since the bill came to light and for most of […]","protected":false},"author":9,"featured_media":5106,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[47],"tags":[246,405,404,257,118,18,60],"class_list":["post-5101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation","tag-bill","tag-committee","tag-house","tag-kentucky","tag-legislation","tag-online-gambling","tag-sports-betting"],"acf":[],"yoast_head":"\n
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Serious and professional about his writing, Michael has been soaking up much of the German\u2019s rigor and pouring it back into his work. As someone who loves to play various games himself, he has unique insight in not only the legal and business side of gaming, but also how gamers feel when they actually get to play. This is why we find Michael\u2019s language far more relatable. 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