Just last month, the fate of a bill that would legalize sports betting in Kentucky looked grim. But now the bill’s sponsor is optimistic it will pass.
Rep. Michael Meredith, the main sponsor of House Bill 551, told Legal Sports Report this week he is confident it will pass the Senate before the legislative session ends. He said he worked tirelessly through the 10-day veto recess to persuade wary senators.
If it goes to a vote, the Senate will consider the bill during the last two days of the session. Wednesday and Thursday are the session’s final two days. Gov. Andy Beshear wants legal Kentucky sports betting and would sign the bill.
Meredith’s efforts during the break look likely to pay off. There is a 23-vote threshold the legislation must reach this year. However, most of the required votes are in, and it appears the trend is changing.
HB 551 sailed through the House earlier this month. Kentucky features a weird law that requires a two-thirds majority to pass the Senate during odd years. But during even years, a simple majority gets legislation to the governor’s desk.
As a result, 23 senators must vote for it to pass the bill.
Creating a more positive narrative
Before his optimistic comments this week, Meredith, the main House sponsor, had been more somber on the subject. It is his impression that at least two more senators needed wooing.
Senate Majority Leader Damon Thayer reflected Meredith’s tentative positive mood throughout the session.
According to Thayer, the bill would already have the 20 votes needed if this were an even year. But should the bill be defeated again, there’s always another chance next year.
What a difference a year makes
A similar sports betting bill presented to the Senate last year was never put up for a vote in Kentucky. This year, supporters of the bill are concerned about the higher 23-vote threshold and shorter session.
Its authors have left out online poker and daily fantasy sports to give this year’s legislation a better chance of passing.
Omitting those two pieces and spending time persuading Senate members to go along with the bill help increase the odds going into the last two days of the legislative session.
What Kentucky sports betting will look like
HB 551 intends to allow in-person sports betting at Kentucky’s nine horse racetracks and Kentucky Speedway. The bill also permits those tracks to forge partnerships with up to three online sportsbooks each.
All in all, up to 30 online skins will be available in the state, offering a diverse selection of sports betting platforms, including popular ones like Bet365 Kentucky Sportsbook and DraftKings Kentucky Sportsbook. State residents will have plenty of options to choose from for their betting needs!
Meredith’s bill would impose a tax of 9.75% on in-person sports betting revenue. Online revenue is to be taxed at 14.25%.
Meredith and his team spent much time and effort framing the bill’s language just right so that it is more palatable for senators. The outcome is a strong product.
Thayer has been reported as saying sports betting could bring in an estimated $23 million in tax revenue each year.
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