In the Senate House, Kentucky has filed a new measure to legalize gambling, internet betting, and fantasy sports tournaments.

On January 5, House Bill 106 was introduced during the current legislative session. Cherlynn Stevenson, the state representative for Lexington’s 88th district, supported the bill, as did Rachel Roberts, state representative for Newport, and Derrick Graham, a devoted House Representative since 2003.

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The Bill Might Include 26 New Amendments

The proposed measure will bring 26 new revisions to the existing law if approved. It would also enact 13 new provisions concerning poker, online sports, poker, and fantasy sports betting. Consequently, operators would be permitted to provide sports betting on their own internet platforms.

Licensed racing tracks will also be permitted to collaborate with internet companies. A single track might only collaborate with a single online operator. Together, they would develop betting systems for tracking wagers and internet betting. Additionally, courses might provide sportsbooks at two different locations owned or leased up to 60 miles apart from the racetrack. This criterion would only apply if the places were not immediately connected to the land of the railroad.

$500,000 Application Fee for a License

The license application cost for operators interested in supplying sports betting services for sports like as NASCAR, the NBA, the NFL, Major League Baseball, and the PGA is $500,000. The operators would also be required to pay a $50,000 annual license renewal cost. According to the new legislation, racetracks would also be required to pay a monthly revenue tax of 9.75% and a 14.25% revenue tax on all online sports wagers. In Kentucky, players, officials, coaches, and their immediate family members would be prohibited from placing sports wagers.

Gambling Operators Would Pay a License Fee of $250,000

Operators wishing to accept online Poker and fantasy sports wagers would be required to demonstrate the use of geotracking software. The program would be used to ensure that all online poker players are physically situated within the state. The operators must also demonstrate that they can check the ages of all players in an effort to prevent those under 18 from gambling.

To Ensuring Compliance with the Law 

Operators would also be required to pay a $250,000 license cost and a $10,000 annual license renewal charge. As for revenue taxes, the proposed measure would impose a 6.75 percent monthly tax on all costs imposed to players, including rake. 

Only sports fantasy operators with more than 100 participants would be required to pay a $5,000 application fee and get a license. Licensed operators would also be required to pay a renewal fee of either 6% of their sales from the preceding year or $5,000, whichever was larger. Platforms for online fantasy sports would not be subject to any limitations.

However, license holders for fantasy sports tournaments will be required to submit annual records to public certified accountants to ensure compliance with the law. In March of last year, the Senate House gave its approval to House Bill 606, but the Senate Committee did not support the bill.

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