A sports wagering bill has been introduced in the House, which would allow Kentuckians to have access to online betting accounts, like those in six of Kentucky’s seven neighboring states: Illinois, Indiana, Ohio, Tennessee, Virginia, and West Virginia.
Rep. Michael Meredith, R-Oakland, the bill’s sponsor, says, “Kentucky residents are placing these bets today, either with illegal, unregulated offshore gaming entities, bookies, or by driving across state lines. As a result, the commonwealth is getting none of the benefit and shouldering all the costs. Statistics show that more than half of our state’s population supports legalizing sports wagering, so the time has come to ask ourselves if it truly is in the best interest of the people of Kentucky to prevent adults from legally placing a bet.”
If passed, the bill would allow wagering on professional and amateur sporting events, college sports, international sporting events like the Olympics or World Cup Soccer, electronic sports and competitive video game events. However, a sporting entity or governing body could request to restrict or limit wagering on events.
It would not legalize online poker or fantasy sports, and sets the minimum sports betting age at 18, consistent with the age limit used for other forms of legalized gaming, including betting on horse races, and purchasing Kentucky lottery tickets.
“Gambling is, by nature, a predatory industry,” said Todd Gray, executive director of the Kentucky Baptist Convention. “To make money it must take money from people who often can’t afford to lose it – leaving behind broken families and broken lives. Kentucky Baptists are counting on our state lawmakers to reject this effort to expand gambling in our state. We pray that our legislature will focus instead on policies that will lead to the flourishing of our citizens.”
The provisions of HB 551 would require that online gaming providers associate with a Kentucky horseracing track and provides the Kentucky Horse Racing Commission (KHRC) with regulatory responsibility over gaming companies. Sports wagering could be provided through a licensed facility for sports wagering or online through a website or mobile App.
All revenue raised through licenses would be allocated to the newly created sports wagering administrative fund. The fund would provide for all administrative costs associated with licensing and regulating providers, with remaining money earmarked to help offset the multi-billion-dollar liability within Kentucky’s public pensions.
Meredith’s proposal would set initial license fees at $500,000 for tracks and $50,000 for gaming providers, while annual renewals would be $50,000 for tracks and $10,000 for gaming providers.
“Clearly the cost of doing business here must cover the cost of administering this program. However, we felt strongly that this was an opportunity to use revenue to do some good,” Meredith noted.
Read the bill here: https://apps.legislature.ky.gov/record/23rs/hb551.html.
By: Tom Latek, Kentucky Today
