Kentucky is the newest state to join the race to legalise sports betting. Senator Julian Carroll has filed BR 155 legislation on Wednesday which would be taken up in 2018 Kentucky legislature session. The legislation was filed before the Supreme Court’s review of Professional and Amateur Sports Protection Act (PASPA).
The authorities would come to the terms of the bill pass to the Kentucky Horse Racing Commission. The commission would then be required to establish a regulatory system for sports betting. It would include a $250,000 licensing fee, while participants of the sporting events would be prohibited from betting and implementation of strict penalties for interfering with the result of the sporting event.
Under the bill, a 20 percent tax rate would be charged on any sports betting operator in the state.
The bill will only come into effect if the Congress revokes the federal PASPA or dismissed by the Supreme Court.
The whole idea of the new bill is that the major revenue generated from the legalisation of sports betting would be used for pension programs for teachers and state employees along with the Excellence Scholarship, which faces a scarcity of $1 billion.
Despite the revenue benefits, many believe that gambling may lead to a rise in crime.