Tag: KY sports betting

Updated KY Sports Betting Bill: 25 Percent Tax, Creation of Kentucky Gaming Commission, No Integrity Fee

Posted on | by Jill Dorson

Kentucky Senator Julian Carroll (D-District 7) refiled an updated version of his sports betting bill on Friday. The bill, which would create the independent Kentucky Gaming Commission, calls for a 25 percent tax on net sports betting revenue as well as allowing the Kentucky Lottery Association and existing horse racing associations to be granted licenses. Any other interested venues may also apply.

The tax rate applies to commercial sportsbooks and vendors, but not the Lottery Association’s license. And the bill would give all the regulatory power, including, it appears, determining what types of events could be bet on and whether mobile/online wagering is permitted, to the new Kentucky Gaming Commission. Unsurprisingly, there is no mention of any sort of fee or royalty benefiting professional sports leagues.

Kentucky lawmakers and stakeholders have had a busy few months studying sports betting, and it’s likely the state will be among the first to seriously consider legalizing sports betting in 2019. Carroll’s bill is likely just one of several that will be filed and considered when the state legislature goes back into session. Carroll, a former Kentucky governor, is a member of the state’s “working group” on sports betting.

 
 

Read more Updated KY Sports Betting Bill: 25 Percent Tax, Creation of Kentucky Gaming Commission, No Integrity Fee  on SportsHandle.

Kentucky Horsemen Don’t Want to Be Left Behind; Will Host KY Sports Betting Symposium

Posted on | by Jill Dorson

The post Kentucky Horsemen Don’t Want to Be Left Behind; Will Host KY Sports Betting Symposium appeared first on SportsHandle.

Sports betting continues to get a lot of attention in Kentucky. A week after the state legislature’s Interim Joint Committee on Appropriations and Revenue held a hearing on the topic, and less than a month after a “working group” of state lawmakers had its first meeting, Bloodhorse and Breeder’s Cup are teaming up to sponsor a symposium on sports betting at Keeneland Sales Pavilion on Thursday, according to the Lexington Herald-Leader.

The symposium will be the most diverse of the meetings that have been held so far, and will include lobbyists from the horse world and the professional sports leagues, lawmakers, and industry representatives. Among the speakers scheduled are:

  • Greg Means, Alpine Group, National Throroughbred Racing Association lobbyist;
  • Sara Slane, American Gaming Association senior vice president of public affairs;
  • John Hindman, FanDuel/TVG general counsel for Fan Duel;
  • Bill Knaulf, Monmouth Park vice president of business operations;
  • Dan Spillane, NBA senior vice president for league governance and policy;
  • Damon Thayer, Kentucky senate majority floor leader;
  • Victor Bigio, consultant and Sportech sports betting business development;
  • Ed Hannah, Stronach Group (owners of Gulfstream Park and Santa Anita Park) vice president; and
  • Daniel Shapiro, William Hill vice president of strategy and business development.

KY Sports Betting Is a Hot Topic and Multiple Bills Have Been Filed. 

Kentucky Derby Preview and Picks for 144th Run for the Roses at Churchill Downs: Will the Favorite Win a Sixth Straight?

 

The post Kentucky Horsemen Don’t Want to Be Left Behind; Will Host KY Sports Betting Symposium appeared first on SportsHandle.

Kentucky Lawmakers Begin Education on Sports Betting

Posted on | by Jill Dorson

Kentucky lawmakers on Thursday got a primer on sports betting when staff members presented a detailed look at sports betting to the Interim Joint Committee on Appropriations and Revenue.

The presentation likely created more questions than answers, but it was a significant step for the Kentucky lawmakers who are pushing for legal sports betting. Kentucky’s state legislature is not currently in session, but interim joint committees keep the legislative process moving through the summer months. By opening the sports betting discussion on a formal level, the interim committee can help the standing committees it supports in both chambers to hit the ground running when the new legislative session begins in January. Senate Appropriations and Revenue chairman Christian McDaniel (R-District 23) requested the presentation to give committee members and overview of the sports betting issue.

The presentation lasted about a half hour and included:

  • An explanation of what the Professional and Amateur Sports Protection Act was;
  • A primer on the and the Supreme Court case Murphy vs. NCAA;
  • The possibility of a federal framework;
  • A brief look at how Nevada manages sports betting, it’s tax structure and revenue;
  • A look at the “integrity fee” or royalty that the professional sports leagues have been lobbying for;
  • Whether or not the Kentucky constitution allows for sports betting and possible ways to make sports betting legal (i.e. is a constitutional amendment required?); and
  • Who would oversee sports betting in the Bluegrass State.

KY Sports Betting Working Group Has Been Laying the Groundwork for Legal KY Sports Betting.

A nine-member “working group” of Kentucky legislators has been meeting through the summer to build a consensus on sports betting. The group has met twice and has reached two key decisions: Kentucky should tax net revenue, not handle, and the group does not endorse the integrity fee that the professional leagues have been lobbying for.

It’s unlikely that the bill that the working group files will include the fee. No state that has legalized sports betting since PASPA was struck down includes a royalty, and the only state that seems to be seriously discussing such a fee is New York.

See what State Senator Julian Carroll thinks about the bill by visiting SportsHandle using the link below:

https://sportshandle.com/kentucky-lawmakers-begin-education-on-sports-betting/