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Analysis Says Sports Betting Could Generate Kentucky $20M Annually
By: Associated Press
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FRANKFORT, Ky. (AP) – An analysis of a proposal to legalize sports betting in Kentucky says it could generate about $20 million per year in tax money.
House bill 175 would tax sports betting in Kentucky at 10.25 percent for in-person wagers and 14.25 percent for wagers made online. An analysis by Commonwealth Economics said the proposal would generate $20.2 million each year.
The proposal would not allow betting on sporting events involving Kentucky colleges and universities.
The analysis does not consider the proposed $500,000 licensing fee or the impact of fantasy sports and internet poker.
The proposal would require lawmakers spend the money on regulating the industry and addiction prevention services. Whatever is left over would go to the state’s troubled public pension systems.
Republican Rep. Adam Koenig is sponsoring the bill. He said people are “crying out” to be able to bet on sports.