One day, one state. At least it seems that way. Every day, some other US state makes the gambling news pages for developments in the legalization of sports betting in different states. Of course, this is causing sports betting software sales to skyrocket – specifically, online bookie software. Mainly because one of the biggest potential top betting markets in the world is now slowly opening its doors to sports wagering.
Today, its Kentucky that makes it to our list, where their house committee has approved, unanimously, the bill which could introduce sports betting to the state.
Kentucky Sports Betting Future
House Bill 175 is the key to this, and its author, Rep. Adam Koenig has this bill in the works to be able to allow their constituents to wager sports in racetracks (horse racetracks to be specific), the Kentucky speedway, and through mobile apps as well.
But the bill is not just about enabling sports wagering. The bill also sets limits on which sports you can bet on. HB 175 says no to betting on college-level sports. Of course, these details can still change as the legislature will have to study, discuss, and finalize the bill.
Also in the bill, is the proposal for a 9.75% tax for all land-based revenue, while mobile wagers will have a tax of 14.25%. The revenue from the taxes could give the state as high as $48 million annually. This number, is assuming Kentucky’s neighboring states will not allow sports betting. If they do, then the revenue Kentucky will potentially receive is still high at $20 million per year.
There will also be a sports betting license that needs to be filed and paid for by those who wish to operate in the state. The cost for the license is at $1 million. The bill is still in its infancy, so there could be changes before we see it in the final stages of approval. The sports industry does have the support of Governor Matt Bevin, who thinks that the revenues can greatly contribute to the state’s funding.