Substitute Sports Betting Bill Filed In Kentucky; Racing Commission Would Regulate

Provided Courtesy of News – Horse Racing News | Paulick Report, Read More.

A Kentucky legislator testified Wednesday about the latest version of a sports gambling bill he's pushing, one that would tie in Daily Fantasy Sports and online poker and put the Kentucky Horse Racing Commission in charge of sports wagering.

Republican Adam Koenig made his comments at a meeting of a House committee he chairs. He filed a substitute bill to his original legislation (House Bill 175) — the new bill still allows only horse racing tracks and the Kentucky Speedway to obtain a sports gambling license but it reduces the initial licensing fee from $1 million to $500,000.

The measure also legalizes Daily Fantasy Sports (DFS) and online poker and would permit online sports betting through apps provided by racetracks. The bill would allow betting on all collegiate and professional sports except games played by colleges and universities in Kentucky, a provision challenged by a representative from DFS website FanDuel.

“Kentucky will be leaving money on the table with a ban on Kentucky collegiate athletic events,” said Stacie Stern.

While the KHRC would be in charge of sports betting, the Kentucky Lottery Corporation would oversee online poker and fantasy sports operations would have to register with the Public Protection Cabinet.

A private consultant estimated the taxable revenue on sports betting would be around $20 million a year. Most of the money would go to Kentucky's public pension system.

Read more at Insider Louisville

The post Substitute Sports Betting Bill Filed In Kentucky; Racing Commission Would Regulate appeared first on Horse Racing News | Paulick Report.

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