Kentucky Has A New Sports Betting Bill Proposal

• Kentucky will be trying to legalize sports betting in 2020 with a new bill request.
• Governor Andy Beshear is pro legalized gambling while their former Governor, Matt Bevin, was not.
• Representative Adam Koenig will present his bill to the House Committee once they are in session.

FRANKFORT, Ky. – Kentucky has a new sports betting bill on the table to be heard by the state’s lawmakers.

Under KY BR 364, topics such as wagering on sports and the legalization of DFS as well as internet poker is all covered. Representative Adam Koenig is the mastermind behind this new bill, which has many of the same facets as the previous bill. KY HB 175 was shot down earlier this year was also drawn up by Koenig.

KY BR 364 Details

The bill request will be heard by the House when sessions begin in 2020. Under the drafts of this bill, there will be a tax of 10.25% for all land-based facilities with sportsbooks. Of that tax, 9.75% is for the state while 0.5% is set aside to go toward two horse racing funds. Internet platforms will be taxed at 14.25%.

Online sports betting licenses will be limited to seven operators so that all of the horse racing tracks will be allowed to offer internet wagers as well at the Kentucky Speedway. Initial costs for a license to operate a sportsbook is set at $500,000. An annual renewal fee will be $50,000.

In order for gamblers to be able to open online accounts to wager on sporting events, they will have to do so in person at a land-based sports betting lounge. Kentucky collegiate teams are off-limits for Kentucky sports betting within the proposed measure. When it comes to the phrasing for college sports, Koenig says that it could be discussed further as nothing is concrete and making wagers on a collegiate level possible.

It would be in the best interest of the state to revise this part of the bill as Kentucky has no professional teams. Sports bettors would be more inclined to wager on their college teams as those are the teams they cheer for year-round.

Should this bill be legalized in 2020, an estimated $20 million is expected in revenue. Due to it being a “budget year” for the state of Kentucky, the House would be more motivated to legalize sports betting because of the added revenue that could be included within their budget. The Bluegrass State has very good odds of legalizing sports betting in the near future.

News tags: Adam Koenig | Andy Beshear | Kentucky | KY BR 364 | KY HB 175 | Matt Bevin