Kentucky legislative committee advances sports betting bill
A Kentucky legislative committee unanimously approved a sports betting bill, setting up a vote in the state House of Representatives.
House Bill 137 would allow for sports betting at horse tracks and the Kentucky Speedway.
Retail sports betting would be taxed at 10.25% while a 14.25% would be levied on online
betting.
The legislation would also give way to regulating fantasy sports and online poker.
Proponents of the bill say it would generate $22.5m in tax revenue.
Last winter Kentucky lawmakers pushed for a similar bill but it never received a vote in the
House or Senate.
Bill sponsors amended the language to allow betting on college sports in the state.
The University of Kentucky and University of Louisville are both widely popular, particularly in basketball.
Sports betting legislation has received bipartisan support in predominantly conservative
Kentucky. Republican Adam Koenig sponsored the bill.
Newly elected Governor Andy Beshear (D) lobbied for the passage of a sports betting bill at his State of the Commonwealth Address earlier in the week.
Kentucky is currently losing out on sports bettors who can travel to neighboring states to wager.
Indiana, Tennessee, West Virginia and Illinois will all have legalized sports betting by this spring.
The Hoosier State, which has casinos on the outskirts of Louisville, brought in $12m in sports wagering revenue last month with handle reaching $162m.
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