However, following some debate, the Senate passed the legislation by a vote of 25-12. The bill will now go to the desk of Gov. Andy Beshear who will sign it into law.
Kentucky Senate Approves Legal Sports Betting“We love our sports in the commonwealth and people want to be able to make the choice — of their own free will — to make a wager on a sports event, like almost all of our surrounding states.”
Meanwhile, following the bill’s approval Gov. Beshear, who has advocated for sports betting throughout his term, said on Twitter:
Kentucky Senate Approves Legal Sports Betting. The industry is expected to generate somewhere in the region of $23 million a year in tax revenue and licensing fees.Kentuckians will soon be able to place their bets here, and for the first time, we are going to keep those dollars to support our roads and bridges, schools and communities. ^ AB 2/2
— Governor Andy Beshear (@GovAndyBeshear) March 30, 2023
Once the bill is signed into law, Kentucky’s horse racing tracks can apply for licenses as sports betting facilities by paying a $500,000 upfront fee and a yearly renewal fee of $50,000. These tracks will be permitted to partner with up to three service providers for sports betting, either on-site or via online platforms and mobile applications. Service providers would need to pay an initial licensing fee of $50,000 and an annual renewal fee of $10,000.
Wagers placed at racing tracks would be subject to excise tax of 9.75% and online wagers subject to a rate of 14.25%.
The Kentucky Horse Racing Commission will regulate all sports wagering operations in the state.
