Kentucky Sports Betting Bill Passes the first Hurdle
The state House committee passed the Kentucky sports betting bill in an effort to legalize American’s favorite pastime. Not only will this bolster state coffers to the value of about $20 million in taxes annually, but it will generate much excitement round sports in the region. Following the repealing of the PASPA (Professional and Amateur Sports Protection Act) by the US Supreme Court, a flurry of states in America have moved to legalize sports betting.
US States Push to Legalize Sports Gambling
Discussions over the semantics of the PASPA legislation that was passed into law back in 1992 have been ongoing since last year May. The US Supreme Court overturned to the two-decade long law and ruled in favour of New Jersey request to offer sports betting products. Since then, US states have been following in the steps of to Nevada, Delaware, Oregon, and Montana to make sports betting legal. West Virginia is one of the states that legalized online sports betting recently, and state officials in Illinois, Ohio and Tennessee have begun discussions on following suit.
The decision to even consider legalizing sports betting was aided by economic incentive that Kentucky stand to gain. A whopping $20 million a year in revenue projections is expected, all from taxes collected by the state.
Kentucky Sports Betting Bill Endorsed by the House
On Wednesday, the Kentucky House Licensing, Occupations and Administrative Regulations Committee approved the proposal, also discussing the logistics of how the revenue would be spent. Some of that funds would go towards regulating the new industry and putting in place a program that would help people with gambling addiction problems. Ultimately, the vision for the money assist the state's public pension systems, which are projected to be at least $39 billion short of the money required to pay benefits over the next three decades.
There seems to be good news all round. If you can’t wait until the law is passed official, visit any of our recommended betting sites and start winning.
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