A bill that would legalize and regulate sports wagering, fantasy sports contests and online poker in Kentucky advanced to the full House Wednesday after being approved in committee.
House Licensing, Occupations and Administrative Regulations Chair Representative Adam Koenig, who sponsored House Bill 1715, said the bill would allow licensed wagering on sanctioned professional and college sporting events at horse tracks in the state, Kentucky Speedway, or through an app downloaded at one of those locations. Online poker would be regulated by the Kentucky Lottery under the bill, which also sets out a regulatory framework for the operation of fantasy sports contests that are already popular in the state.
According to committee testimony on the bill last week from the firm Commonwealth Economics, sports wagering alone would generate at least $20 million n annual tax revenue for the state. Koenig said all of that revenue – minus administrative costs and five percent set aside for the state’s problem gambling assistance fund – would go to pay down Kentucky’s public pension debt.
Kentucky is one of several states to consider legalizing sports wagering after the U.S. Supreme Court last year overturned a federal law that prevented states from allowing sports wagering.
The bill now goes to the full House for consideration.
