There is growing hope that Kentucky will soon join scores of other states and introduce a legal and regulated online gambling industry.
Last month, the Kentucky House of Representatives passed HB 606 that could legalize retail and online sports betting, as well as daily fantasy sports and online poker. The bill passed by a vote of 58 – 30.
It seems ironic that in a state that’s synonymous with horse racing and sports, Kentuckians are practically unable to bet. Their only options are playing the lottery or gambling on horses through pari-mutuel betting.
Lawmakers are hoping to change that soon.
HB 606 has the backing of the Senate Majority Leader, Damon Thayer, as well as Governor Andy Beshear.
Thanks to a two-day window, the bill could pass between April 12th and April 14th.
Should sports betting become legal in Kentucky, the bill establishes a 9.75% tax rates on remote bets and 14.25% rate for in-person bets.
Horse racing tracks will be allowed to open retail locations, but they will also be allowed to form partnerships with online and mobile sportsbooks. This would be an advantage to tracks since sportsbooks are willing to pay high sums to partner with them (as we have witnessed in other states).
At present, five out of the seven states that surround Kentucky allow sports betting, and millions of gambling dollars are leaving the state each year to be spent across the border.