A familiar name plans to take another shot at legalizing Kentucky sports betting in 2020.
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Rep. Adam Koenig expects to introduce another sports betting bill in Kentucky’s next legislative session, which begins Jan. 7, according to WDRB-TV. The bill would include mobile Bitcoin sports betting and would also legalize online poker.
This next bill likely has a better chance for a few reasons after 2019’s attempt failed to make it out of committee. Next year is a budget year, where the legislature will set a budget for the Bluegrass State for the next two years.
The budget has a gap when it comes to pension funds, Koenig said. Potential for at least $20 million in annual tax revenue could help that shortfall.
Also new next year is Gov.-elect Andy Beshear, who defeated Matt Bevin earlier this month. Beshear is pro-gambling expansion.
That’s a stark contrast from Bevin, who recently claimed falsely there’s at least one suicide a night in American casinos.
Last year’s try at Kentucky sports betting
It sounds like Koenig might be taking a similar approach to his 2019 bill, given his $20 million floor for tax revenue.
HB 175 would have taxed retail sports betting revenue at 10.25% and mobile revenue at 14.25%. As much as $48 million in annual tax revenue was forecasted by a Commonwealth Economics study last year.
The previous bill also included legalizing daily fantasy sports. There was no integrity fee or official league data requirement.
That’s not how you do mobile …
It sounds like Kentucky may head down an unpleasant path with mobile sports betting: in-person registration.
The in-person requirement was included in 2019’s bill, and it sounds like it’s coming back next year.
“You would be able to go to one of the existing tracks and place a bet and/or go to those existing tracks, download their app and then you would be able to use that app anywhere in the state of Kentucky,” Koenig told WDRB-TV.
Sports betting results from Iowa and Rhode Island show how in-person registration can limit mobile handle and revenue growth.