The Next to Join Legalized Sportsbook Betting Could Be Kentuckians

The bill that would legalize sports betting in Kentucky was discussed in a hearing at the meeting of the legislative committee during this week in Frankfort. Sponsored by Rep. Adam Koenig, House Bill 175, could enable Kentuckians to wager on most sports in the country, it could also set the framework for legal fantasy sports contest and legal online poker play. The state will have access to the revenue of licensing fees, registration fees and taxes.

House Bill 175 Could Allow Sportsbooks in Kentucky

It House Bill 175 is passed it will provide the state with what it needs to legalize sports betting and sports fans could place bets in a regulated and safe environment that offers protection to punters. Koenig told the Occupations & Administrative Regulations Committee that passing the bill would ensure the establishment of a wagering fund via taxed gaming revenue. 5% of the funds could go to gambling addiction, and the rest could pay down the public pensions, planned in 2016.

Legalized Sports Betting Land-based and Mobile

Sports wagering, if the bill passes, will fall under the jurisdiction of the Kentucky Horse Racing Commission and the horse racing track, as well as the Kentucky Speedway, would be eligible for licensing. If House Bill 175 passed the licensed venues would allow legal wagering on sports on the property and the tax rate would be set at 10.25%. Punters would be able to visit the venues to download free apps on their smartphones or other mobile devices. The apps would only be available for downloading at the venues and once done; it would be perfect to use to place bets on sports from any location within the state. This would be at a higher tax rate of 14.25%.

Some Restriction Would Apply in Kentucky Legalized Sportsbook Environment

In Kentucky as with all other states now legalizing sportsbook betting, there will be a few restrictions, and this will include wagering on college sports. In this case, wagering on any college sports game will be classified as a Class A offence under the house bill. Tempering with games outcomes would be classified as a Class C misdemeanour. Those are the apparent restrictions or regulations that would be in place, although the bill is not passed yet. Once it happens, other provisions could be added to the limits.

Could the Legalization of Sports Betting Be Near in Kentucky?

The bill is in place, but at this stage, not everyone is on the same page regarding the passing of this bill. A few meetings might still be needed; everyone would need to come to some agreement. The good news is that the state is progressing, and the committee is already planning another meeting next week. The members will vote in the next meeting, and the outcome will determine the next step in the legalization of sports betting in the state of Kentucky.