FRANKFORT, KY – The Commonwealth Economics group has released an analysis saying that Kentucky could earn $20 million in taxes annually thanks to sports betting.
Lawmakers introduced KY HB 175 and it aims to legalize and regulate sports betting through the Kentucky Horse Racing Commission. As it is currently drafted, the taxes that Kentucky would receive from sports betting is 10.25 percent for in-person wagering and 14.25 percent for online sports betting.
A lot of Money To Go Around
The money generated through sports betting in Kentucky could reach up to $20 million in revenue. If surrounding states do not legalize sports wagering and Kentucky does, the estimated tax revenue is estimated to be $48 million.
This news made Rep. Adam Koenig, who filed the bill, excited. “The estimates of what they would do in New Jersey were all low,” said Koenig. “They are all exceeding expectations and I think that is because it is something people do, and people are crying out to do legally.”
The taxes generated through sports betting would go to a fund that will fund treatment for gambling addiction and it will also go towards the underfunded pension system. But with the new analysis, lawmakers might have to change where the funds will be allocated.
On Wednesday, lawmakers met to begin testimony regarding KY HB 175. During the hearing, the economic report came out. Many members of the House were hoping to vote on the bill today, but they delayed the vote, so they can review what the report says about the legislation.
Once house members reconvene on the issue, they will likely either vote on the bill as is, or they will need to draft a new bill that reflects what the analysis stated. The study could help push reluctant members of the State’s Congress to support the bill to help Kentucky get some of the revenue that the state needs.
News tags: Kentucky
Daniel is a writer that enjoys writing to inform readers. When Daniel was writing for The Borgen Project, he liked informing the world about victories in global poverty issues. Daniel is also an avid horse racing fan who has been going to the track with his father for over a decade betting the ponies. When he is not writing about sports betting or at the track, Daniel loves playing video games and watching sports in his spare time.