Legalizing sports betting in Kentucky has been quite a process, and it is still ongoing. This session, we have HB 551. The sports betting bill in Kentucky aims to legalize sports betting in the state for both retail and online sports betting. Many in the industry believe that its about time for the state to pass the bill. Especially since Kentucky is surrounded by Illinois, Indiana, Tennessee, Ohio, Virginia, and West Virginia- all of them states that offer sports betting.
HB 551 allows for the use of retail facilities and sports betting software to offer wagering. Under the bill, the state’s nine horse tracks can offer sports betting, and partner with up to three online operators. This means that the state can have as much as 27 online sportsbooks. The licensing fee will cost $500,000, with an annual renewal fee of $50,000. Annual gross revenue will have a 14.5% tax for online wagering, and 9.24% for retail wagering.
Sports Betting Bill in Kentucky Finally in Right Direction
Those who are looking to use an online bookie software can easily set up a sportsbook in minutes, especially for online wagering. Given how popular sports betting is, giving the customers a convenient and safe way to place wagers is important. This is something that Kentucky lawmakers want to do. The bill has already passed the House, and is now in the Senate.
And in the Senate, the bill passed 9-1 in a vote in the Senate Licensing and Occupations Committee. This is the first time that a sports betting bill passes a Senate Committee level, so many are optimistic that this will continue to gain approval as it moves through the Senate. HB 551 will now move to the Senate floor. There is a tight deadline as the state’s legislative session ends on March 30. If the bill passes, it will move to the desk of Governor Andy Beshear for approval. And if you want to get into the sports betting business, its best to look at this Bookie Pay Per Head Solutions service for the best way to own a sportsbook.