FRANKFORT, Ky. — A bill sports fans in the Commonwealth have been hoping for has been filed in the state House of Representatives.

What You Need To Know

  • A Republican lawmaker has filed a bill which would legalize sports betting in Kentucky

  • It would be allowed at horse racing tracks or through a company who partners with a track

  • Partnering companies are allowed to let people make bets online

  • The bill still awaits a vote on the House floor

Filed by Rep. Michael Meredith, R-Oakland, House Bill 551 would modify state law to expand betting beyond just horse racing.

Under the new bill, things like professional sporting events, such as the NFL or NBA games, NCAA games, amateur sports and e-sports all could be bet on.

Betting would only be offered at one of the state’s horse racing tracks — or through a company who partners with one. Those companies, such as Draft Kings or MGM, could offer betting though a phone app or website.

The Kentucky Horse Racing Commission would manage sports betting in the state.

“Each horse racing track would be able to partner with three sports wagering companies to offer mobile apps or in person betting at their tracks and their extension facilities or satellite facilities that they have for HHR,” Meredith said.

Through both systems, technology that ensures that wagers are only placed within the commonwealth would be required.

Meredith adds this bill does not permit betting in either fantasy sports or online poker.

“It seemed to be one of the issues that caused the Senate heartburn when they were trying to get the House Bill 606 through last year,” Meredith said.

The lawmaker said some reports estimate the tax revenue wagering would bring in is between $12 million and $20 million. This money would go toward paying state employees pensions.

“When you put that kind of money into a permanent pension fund over several years, and then are able to use it to pay down the unfunded liability, it could be a significant amount of money over a several year period,” Meredith said

Rep. Al Gentry, D-Louisville, is one of the bill’s cosponsors, and has supported this legislation for the last few years.

“Yeah it’s a hot issue because the people want it, you know, and it’s our job to give the people what they want and it’s time that we got this done,” Gentry said.

The license to conduct sports betting will come with a hefty price tag.

Horse racing tracks will have to pay an initial $500,000 fee to the state’s racing commission and an additional $50,000 each year.

Online betting websites, who must partner with one of the tracks, would pay $50,000 up front, plus another $10,000 each year.

To be eligible to bet, Kentuckians must be at least 18-years-old and would be required to create a betting account.

HB 551 currently has not been assigned to a committee for further discussion.

Both Meredith and Gentry are hopeful about passing this legislation this year.

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