House Bill 551, also known as HB 551, is a proposal to legalize sports betting in Kentucky. It passed the Senate on Thursday. Although the faith in the bill was not clear and it was possible for it to fail it was passed the Senate chamber with a vote of 25-12.
Because it is a proposal that relates to revenue in a non-budget years, the bill needed to get at least 23 votes to pass. HB 551, which proposes legalizing sports betting in Kentucky after PASPA was repealed in 2018, is the bill that failed to pass.
The proposal would legalize sports betting at state racing tracks. This is good news for Kentucky Derby fans. Additionally, HB 551 would allow bettors to use mobile and online sports betting services.
The HB 551 bill would require horse racing tracks that offer sports betting to pay a $500,000 and an annual $50,000 renewal fee. Mobile betting service providers would have to pay an initial $50,000 fee and an annual renewal fee $10,000. The Kentucky Horse Racing Commission would regulate the activity.
The Governor must sign the bill
The House passed the proposal in a 63 to 34 vote earlier this month. Keep in mind that the bill has now passed the Senate. It will next go to the desk of Governor. Andy Beshear.
Beshear supports legalizing sports betting and is expected to sign the bill on Friday. If and when this happens, legislators will need to determine the date for legal sports betting in Kentucky. It is possible that the state will have eligible customers this summer, considering the recent momentum it has gained.
“After years of lobbying legislators to allow sports betting, finally we did it!” The result today proves that hard work does pay off.
Gov. Andy Beshear
Governor. Beshear also shared his joy. He said that the legalization for sports betting is finally the result of years of hard work. Moreover, Gov. Beshear stated that Kentucky will finally be able provide legal betting on sports. He also said that the state would use the tax revenue to finance public projects and aid communities.
