Kentucky: Koenig Introduces Bills To Legalize Sports Wagering, Alter Pari-Mutuel Tax Rates, Breakage

Kentucky State Representative Adam Koenig (R-Erlanger) introduced four new wagering bills at a Monday press conference, including one that would legalize sports wagering in the state, according to the Courier-Journal.

Sports wagering would be legalized at Kentucky horse racing tracks and at the Kentucky Speedway, as well as on a mobile app. Koenig pushed a similar bill in 2020, estimated to bring in $22.5 million in annual revenue for the state, but it died without receiving a vote in the House. The difference in this new bill is that the mobile app could be downloaded anywhere, rather than restricting sports wagering to racetracks.

Another bill seeks to alter the tax structure on horse racing and pari-mutuel wagering, without changing the rates on Historical Horse Racing machines that have become popular in the state. Koenig said the rates in the bill would “make Kentucky the most attractive place for horse players to come and bet all across North America.”

Under the bill, all pari-mutuel betting would be taxed at 1.5 percent, the same as HHR wagering, and altering the breakage system for betting payouts – to the exact penny instead of rounding down by every 20 cents. Koenig estimates the changes would increase state revenue by an annual $20 million after the first few years.

Also included in the bill package is a ban on “gray machines,” games resembling slots that are popular in convenience stores in Kentucky, as well as a new problem gaming trust fund to help people with gambling addiction.

Koenig hopes to pass all four bills during the House Bill 610 omnibus bill.

Read more at the Courier-Journal.

The post Kentucky: Koenig Introduces Bills To Legalize Sports Wagering, Alter Pari-Mutuel Tax Rates, Breakage appeared first on Horse Racing News | Paulick Report.

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