Home Invoice 551 (HB 551), which seeks to legalize sports activities betting in Kentucky, handed the Senate on Thursday. Though the invoice’s credibility was unsure and it may have been rejected, it in the end handed the Senate by a vote of 25 to 12.
Provided that the proposal is for income in a non-budget yr, the invoice wanted a minimal of 23 votes to cross. Related payments proposing to legalize sports activities betting have failed since PASPA was repealed in 2018, however HB 551 is a invoice to legalize sports activities betting for Kentucky residents.
Beneath the proposal, sports activities betting on state racetracks can be authorized, bringing excellent news for Kentucky Derby followers. Moreover, HB 551 will introduce cellular and on-line sports activities betting companies, permitting bettors to reap the benefits of these handy choices.
HB 551 requires racetracks providing sports activities betting to pay a price of $500,000 plus an annual renewal price of $50,000. Cell wagering service suppliers, however, are topic to an preliminary price of $50,000 and an annual renewal price of $10,000. Regulation of the exercise itself is within the fingers of the Kentucky Racing Fee.
Invoice Requires Governor’s Signature
Earlier this month, the proposal made headlines after it handed the Home of Representatives by a vote of 63-34. Allowing for that the invoice has additionally handed the Senate, our subsequent cease is Gov. Andy Beshear’s desk.
Provided that Beshear has lengthy supported the legalization of sports activities betting, it’s doubtless that the invoice might be signed into legislation on Friday. Allowing for the traction it has lately gained, sports activities betting might grow to be accessible to eligible prospects within the state in some unspecified time in the future this summer season.
“After years of urging lawmakers to legalize sports activities betting, it lastly occurred! In the present day’s outcomes present that onerous work pays off.“
Governor Andy Beshear
In an announcement launched through twitter, Governor Beshear shared his pleasure. He defined that his years of onerous work had lastly come to fruition with the legalization of sports activities betting. Beshear additionally stated Kentucky will finally be capable of present a authorized manner for its residents to wager on sports activities whereas utilizing tax revenues to fund public works tasks and help communities and faculties. rice area.
