Kentucky passes sports betting bill, awaits governor's signature
The Kentucky Senate passed a bill legalizing sports betting, making it the 38th state to do so. The bill will now head to the governor's desk for signature
Kentucky has become the 38th US state to legalize sports betting, with Governor Andy Beshear set to sign a bill that will allow online and in-person betting at the Kentucky Speedway and horse racing tracks.
Sportsbooks would pay a fee to operate, while wagers placed in person would attract an excise tax of 9.75%, while online bets would be taxed at 12.25%. Kentucky's nine horse racing tracks would be licensed as sports betting facilities for an upfront fee of $500,000 and a $50,000 annual renewal cost.
The Kentucky Horse Racing Commission will regulate the market. An estimated $23m in annual tax revenue and licensing fees is expected.