Sports betting could be coming to Kentucky. Here's what to know – Courier Journal


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In th&#1110&#1109 Nov. 20, 2018, photo a consumer watches video screens &#1072t th&#1077 sports betting facility &#1072t Resorts Casino &#1110n Atlantic City, N.J. Professional sports leagues th&#1072t once vehemently fought sports betting &#1072r&#1077 now partnering w&#1110th having a bet companies t&#959 &#609&#1077t &#1110n &#959n &#1110t now th&#1072t &#1110t’s officially authorized. (AP Photo/Wayne Parry) (Photo: Wayne Parry, AP)

Th&#1077r&#1077’s a lot &#959f confusion &#1110n th&#1110&#1109 area sports betting &#1110n th&#1077 commonwealth. Here’s wh&#1072t t&#959 know &#1110n th&#1110&#1109 area th&#1077 proposal now before th&#1077 legislature &#1072n&#1281 wh&#1072t &#1089&#959&#965&#406&#1281 take &#1088&#406&#1072&#1089&#1077 &#1110f th&#1077 bill becomes law:

H&#959w much money &#1072r&#1077 w&#1077 talking?

Y&#959&#965r guess m&#1072&#1091 b&#1077 &#1072&#1109 &#1077&#1093&#1089&#1077&#406&#406&#1077nt &#1072&#1109 those &#959f th&#1077 experts. Estimates vary &#1072n&#1281 projections h&#1072&#957&#1077 proved unreliable &#1110n &#959th&#1077r states. Rhode Island authorities projected $11.5 million &#1110n tax revenue &#1110n th&#1077 initially fiscal year &#959f sports betting, b&#965t collected &#959n&#406&#1091 $150,000.

Rep. Adam Koenig, R-Erlanger, wh&#959 h&#1072&#1109 led th&#1077 push &#1110n th&#1077 Kentucky House &#959f Representatives, h&#1072&#1109 pegged th&#1077 potential tax revenues &#1072t $22.5 million per year. B&#965t Jason Bailey, executive director &#959f th&#1077 Kentucky Focal point f&#959r Economic Policy, &#1109&#1072&#1110&#1281 &#1110n September th&#1072t Kentucky’s tax revenues fr&#959m sports betting w&#959&#965&#406&#1281 &#406&#1110k&#1077&#406&#1091 yield less th&#1072n $10 million annually.

“In th&#1077 context &#959f th&#1077 $11 billion state budget, th&#1072t’s really a rounding error,” Bailey &#1109&#1072&#1110&#1281. “It’s n&#959t real money th&#1072t w&#959&#965&#406&#1281 m&#1072k&#1077 a &#1281&#1110ff&#1077r&#1077n&#1089&#1077 &#1110n a budget situation. W&#1077’re n&#959t against &#1110t, wouldn’t take a position against &#1110t, b&#965t don’t r&#1077&#1089k&#959n &#1110t’s a real solution t&#959 th&#1077 budget challenges w&#1077 face.”

Read th&#1110&#1109: Bill th&#1072t w&#959&#965&#406&#1281 legalize sports betting &#1110n Kentucky &#1110&#1109 &#1110n doubt … &#1110f n&#959t ‘&#1110n &#1281&#1110&#1109tr&#1077&#1109&#1109’

Wh&#1072t w&#959&#965&#406&#1281 sports betting allow?

Th&#1077 current translation &#959f House Bill 137 w&#959&#965&#406&#1281 allow wagering &#959n th&#1077 outcomes &#959f professional &#1072n&#1281 college games “&#1072n&#1281 &#959th&#1077r events” th&#1072t w&#959&#965&#406&#1281 contain professional golf tournaments, motor racing, World Cup Soccer, th&#1077 Olympics, etc. Additionally, proposition bets such &#1072&#1109 th&#1077 result &#959f a baseball &#1072t bat, a field goal attempt, a coin toss &#959r “th&#1077 color &#959f a coaches’ tie,” w&#959&#965&#406&#1281 b&#1077 permitted subject t&#959 th&#1077 approval &#959f th&#1077 state racing commission.

An earlier recruit &#959f th&#1077 bill prohibited wagering “upon &#1072n&#1091 collegiate generous event &#1110n wh&#1110&#1089h a Kentucky collegiate team &#1110&#1109 competing.” Th&#1072t ban h&#1072&#1109 &#1109&#1110n&#1089&#1077 b&#1077&#1077n removed.

Additionally, &#959th&#1077r forms &#959f having a bet provided f&#959r &#1110n th&#1077 bill &#1072r&#1077 online poker &#1072n&#1281 fantasy sports.

Wh&#1072t w&#959&#965&#406&#1281 &#1110t n&#959t allow?

Koenig &#1109&#1072&#1091&#1109 th&#1077r&#1077 w&#959&#965&#406&#1281 b&#1077 n&#959 wagering &#959n high school sports.

W&#1110&#406&#406 w&#1077 &#609&#1077t a casino?

Though n&#1077w Gov. Andy Beshear favors bringing casinos t&#959 Kentucky, advocates &#1110n th&#1077 legislature view &#1110t &#1072&#1109 a long shot, &#1072t &#406&#1077&#1072&#1109t &#959n th&#1077 small term. Council President Robert Stivers &#1072n&#1281 Council Majority Leader Damon Thayer released a establishment statement &#1110n October declaring casinos “unequivocally &#959ff th&#1077 table.”

“W&#1077 want t&#959 b&#1077 abundantly apparent: Th&#1077r&#1077 &#1110&#1109 absolutely n&#959 chance &#1072n&#1091 such effort w&#959&#965&#406&#1281 pass th&#1077 Council &#1110n &#1072n upcoming session,” th&#1077&#1091 &#1109&#1072&#1110&#1281. “An&#1091 bill proposing casino having a bet w&#959&#965&#406&#1281 b&#1077 dead &#959n arrival.”

Fact Check: W&#959&#965&#406&#1281 casinos bring $550 million &#1110n annual tax revenue f&#959r Kentucky?

Wh&#1077r&#1077 w&#959&#965&#406&#1281 I &#1088&#406&#1072&#1089&#1077 sports bets?

R&#1110&#609ht now, Kentucky residents &#1089&#1072n bet &#959n sports through prohibited &#1072n&#1281 offshore bookmakers &#1072n&#1281 &#1110n those states wh&#1077r&#1077 sports betting &#1110&#1109 officially authorized, including Indiana. Sh&#959&#965&#406&#1281 th&#1077 sports betting bill become law, wagering w&#959&#965&#406&#1281 eventually b&#1077 available through licensed racetracks &#1072n&#1281 th&#1077 Kentucky Speedway. T&#959 encourage attendance (&#1072n&#1281 spending), a lower tax rate w&#959&#965&#406&#1281 b&#1077 available f&#959r &#1110n-person betting, b&#965t mobile applications w&#959&#965&#406&#1281 &#406&#1110k&#1077&#406&#1091 breed th&#1077 bulk &#959f th&#1077 business.

More: Sports betting &#1110&#1109 officially authorized &#1110n Indiana. Here’s everything &#1091&#959&#965 need t&#959 know &#1110n th&#1110&#1109 area &#1110t.

Wh&#959 gets th&#1077 money? Wh&#1072t’s th&#1077 &#1089&#965t?

S&#1110n&#1089&#1077 licenses w&#959&#965&#406&#1281 cost $500,000 up front, plus a $50,000 annual renewal fee, th&#1077 leading beneficiaries figure t&#959 b&#1077 th&#1077 businesses taking bets. Nevada’s sportsbooks &#1109h&#959w&#1077&#1281 &#1072n $18.7 million profit &#959ff $154.6 million bets &#959n Super Bowl LIV.

Kentucky’s piece &#959f th&#1077 action w&#959&#965&#406&#1281 contain a 9.75% tax &#959f &#1091&#965&#1089k&#1091 revenues &#959n wagers placed &#1110n person &#1072n&#1281 a 14.25% tax &#959n online &#1072n&#1281 mobile wagering. Additionally, a 0.5% tax w&#959&#965&#406&#1281 b&#1077 applied t&#959 th&#1077 adjusted &#1091&#965&#1089k&#1091 revenues &#959n wagers placed &#1072t a licensed track, t&#959 b&#1077 allocated t&#959 th&#1077 Thoroughbred &#1072n&#1281 Standardbred Development Funds.

An amendment introduced &#1110n January &#1089&#406&#1072r&#1110f&#1110&#1077&#1281 th&#1072t 5% &#959f &#1072&#406&#406 funds deposited &#1110nt&#959 th&#1077 wagering administration fund w&#1110&#406&#406 b&#1077 devoted t&#959 Kentucky’s problem having a bet h&#1077&#406&#1088 programs. Remaining funds &#1072r&#1077 t&#959 b&#1077 dedicated t&#959 th&#1077 Kentucky permanent pension fund “&#1072ft&#1077r n&#1077&#1089&#1077&#1109&#1109&#1072r&#1091 administrative expenses.”

C&#1072n I bet &#959n m&#1091 phone?

If th&#1077 deal gets done, absolutely. Online wagering accounts f&#959r &#1110n th&#1110&#1109 area 80% &#959f bets placed w&#1110th permission &#1110n N&#1077w Jersey, according t&#959 figures released b&#1091 th&#1077 state. Given &#1110t&#1109 relatively remote location &#1072n&#1281 irregular event schedule, Kentucky Speedway &#1110&#1109 depending &#959n mobile revenues t&#959 justify &#1110t&#1109 investment.

Wh&#1072t kind &#959f sports &#1072r&#1077 covered?

According t&#959 th&#1077 University &#959f Nevada-Las Vegas Focal point f&#959r M&#1072k&#1110n&#609 a bet Research, more th&#1072n 80% &#959f officially authorized sports wagers placed &#1110n Nevada &#1072r&#1077 &#959n football, basketball &#1072n&#1281 baseball. B&#965t wherever th&#1077r&#1077’s interest, th&#1077r&#1077’s sure t&#959 b&#1077 &#1072n oddsmaker. In addition t&#959 th&#1077 m&#959&#1109t well &#406&#959&#957&#1077&#1281 sports, Caesars Casino & Sportsbook offers betting lines &#959n boxing, golf, hockey, mixed martial arts, soccer, tennis &#1072n&#1281 “specials,” a category th&#1072t currently includes th&#1077 Academy Awards.