Gov. Andy Beshear is trying to rally support for a bill that would legalize sports betting in Kentucky as the proposal continues to languish in the Republican-led state House of Representatives.
Supporters say the proposal would raise about $22 million per year in revenue for the state, which has struggled to make enough money to cover budgeted expenses in recent years.
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Beshear held a press conference on Thursday as a show of force for the bill, with supporters advocating how the measure could raise funds for services like education, pensions and healthcare.
Sports gaming has been a hot topic since a Supreme Court decision last year allowed states to legalize gambling on sports such as football and basketball.
The answer to that conundrum is a simple “online,” as sports betting as such has not been formally legalized and regulated in the Bluegrass State as of this writing. What that means in practical terms is that the best bet for you to be able to participate in the hobby of sports wagering in the near term is to hop online and head over to. Both retail and online sports betting is expected to be offered in Ohio, but most of the final details have not yet been revealed. It is expected that Ohio sports betting will launch at some point in 2021, but that date could be pushed back again.
Michigan Online Sports Gambling
Now, Kentucky lawmakers are being asked to support legislation allowing regulated sports betting in the commonwealth.
Democratic State Senator Julian Carroll of Franklin County has pre-filed a bill to create a Kentucky Gaming Commission to oversee the new industry. Carroll says creating rules would allow the state to start collecting revenue which could go towards education and retirement funds.
A bipartisan group of Kentucky lawmakers is writing a bill to legalize and regulate sports betting in the state.
The U.S. Supreme Court ruled last month that states should be allowed to legalize sports betting, striking down a nearly 30-year ban.
Online Sports Gambling Stocks
Rep. Jason Nemes, a Republican from Louisville, said the bill would generate between $6.5 million and $26 million for the state every year through licensing and taxes.
The Supreme Court on Monday struck down a federal law that could allow states to legalize sports betting, potentially paving the way for Kentucky to rake in millions on sports bets.
Online Sports Gambling Sites
Monday’s ruling struck down the Professional and Amateur Sports Protection Act, a 1992 law that prohibited states from legalizing sports betting — except in states where it was already legal at the time: Delaware, Montana, Oregon and Nevada.
“Congress can regulate sports gambling directly, but if it elects not to do so, each State is free to act on its own,” the court wrote in its decision.