Legislative panel passes bill to regulate sports betting industry in Kentucky
FRANKFORT, Ky. (WYMT) - A legislative panel has unanimously passed a bill to regulate the sports betting industry in Kentucky.
The issue passed the House last year but stalled in the Senate.
The Kentucky Horse Racing Commission would regulate the industry and each company or app would have to pay a $500,000 fee to operate in the state. Most of the surrounding states already have sports wagering and those some who voted for it in committee said there were against gambling in principle but want to see it regulated.
It would allow betting on college and pro events both in person at track owned facilities and on computers, tablets or phones through apps.
“The bill before you today will put this industry in a legal and regulated status. So everyone knows what the framework is, what the regulation is,” said Rep. Michael Meredith.
“It is a form of financial fraud that sees the government partner with wealthy gambling interests to the harm of its own citizens. This is a simple truth and a harsh reality,” said David Walls with the Family Foundation.
Time is running short as the legislative session is set to end at the end of this month, but lawmakers do expect a House vote one day early next week.
Governor Andy Beshear has already stated he supports the issue so if it passes both houses, it will likely become law and take effect in July of this year.
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