Kentucky ‘Working Group’ Reaches Sports Betting Consensus: Tax on Net Revenue, No Integrity Fee
The post Kentucky ‘Working Group’ Reaches Sports Betting Consensus: Tax on Net Revenue, No Integrity Fee appeared first on SportsHandle.
Kentucky’s working group on sports betting appears to have come to at least two decisions regarding sports betting in the state – taxes will be based on net revenue and there will be no integrity fee paid to professional sports leagues.
“I believe there is a consensus that the appropriate tax on sports wagering is on net revenue and sports leagues will not receive any fees,” Julian M. Carroll, a former governor turned state senator told Sports Handle via e-mail.
Taxes are a critical component of any sports betting legislation, and the decision to tax based on net vs. handle is a key departure from the bill that Carroll himself pre-filed earlier this summer. That bill called for a 20 percent tax on handle. Kentucky is a big horse racing state and Carroll chose to include a tax on handle in his bill because that’s how the state taxes pari-mutuel betting.
None of the 6 States That Have Legalized Sports Betting Has an Integrity Fee. To continue reading this article, visit SportsHandle using the link below: