A new bill in Kentucky hopes to legalize both retail and online sports betting in the state. Representative Michael Meredith recently filed House Bill 551 (HB 551). The legislations would permit betting on college and professional sports, as well as esports.
the Kentucky Horse Racing Commission would serve as the sector’s regulator
Kentucky residents would need to be just 18 years old to legally place a wager, while the Kentucky Horse Racing Commission would serve as the sector’s regulator. Initial fees for licenses would amount to $500,000 per application.
Unlike other sports betting bills filed recently in the state, HB 551 does not include any rules regarding daily fantasy sports contests or online poker. Representative Meredith believes that by just focusing the bill on sports betting it has a better chance of gaining passage.
Commenting on his bill, Meredith said that legalization would allow the state to benefit from the estimated $1bn spent every year in Kentucky through illegal forms of sports betting. He believes it would also stop people from going across state lines to place bets.
Many bills in Kentucky have sought to legalize sports betting in some shape or form over the past four years, but none have proven successful.