On the morning of March 24th, 2023, Governor Andy Beshear officially signed HB-551, a bill legalizing online sports betting in Kentucky, into law. The following week, the Kentucky Senate approved the bill by a 25-12 margin. This legislation comes after years of political back-and-forth in the Bluegrass State.
According to a statement from The Office of the Governor, “Sports betting will generate an estimated revenue increase of $23 million a year upon full implementation that will be dedicated to the Kentucky permanent pension fund and 2.5% to the problem gambling assistance account. The bill will also establish new excise taxes on sports wagering: 9.75% on the adjusted gross revenues on wagers made at a licensed facility and 14.25% on wagers placed online or on a smartphone.”
The legalization became official on September 7th, when Governor Behshear made the first wager at the famous Churchill Downs horse racetrack in Louisville. Starting today, September 28th, online sportsbooks officially open betting in the state.
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