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House Bill 106 was introduced in the current legislature on January 5th. The bill was supported by Kentucky State Representative Cherlynn Stevenson for Lexington’s 88th Circuit, Newport State Representative Rachel Roberts, and House Representative Derrick Graham since 2003.
The Bill Could Bring 26 New Amendments
The new bill would introduce 26 recent changes to current legislation if approved. It would also enact 13 new sections related to poker, online sports, poker, and fantasy sports betting. As a result, operators could offer sports betting on their online platforms. At the same time, licensed circuits could partner with online brands. A single title can only be assigned to one online operator.
Together they would create betting systems dedicated to tracking betting and online betting. Racecourses may also offer sports betting at two owned or leased locations up to 60 miles from the race fields. This condition will only apply if the locations are not directly connected to the track terrain.
$500,000 Licensing Application Fee
Operators interested in providing sports betting services for sports such as NASCAR, the NBA, the NFL, the MLB, or the PGA, to name a few, must bear a license application fee of $500,000. Operators must also pay an annual license renewal fee of $50,000. Under the new bill, racecourses would also have to pay 9.75% income tax and 14.25% income tax on all online sports betting each month.
Players, umpires, coaches, and their immediate families would be completely prohibited from gambling on sports in Kentucky.
Gambling Operators Would Pay a $250,000 License Fee.
Operators wishing to launch online poker and fantasy sports betting must demonstrate efficient geo-tracking software. The software would ensure that all online poker was within the state—age verification of all players to prevent players under 18 from playing. Operators would also have to bear a license fee of $250,000 as well as an annual license renewal fee of $10,000. As for income taxes.
The new law would introduce a 6.75% monthly tax on all fees charged to players, including commissions. Only fantasy sports providers with more than 100 participants would need to purchase a license for a $5,000 registration fee. Licensed operators would also have to pay a renewal fee, set at 6% of the operator’s prior-year revenue or $5,000, whichever is greater. Online fantasy sports platforms would not be subject to any restrictions. However, fantasy sports competition licensees must submit annual records to accredited auditors to ensure they comply.
Last March, House Bill 606 got the green light in the Senate chamber but did not fare as well in the Senate committee.
