The bill to regulate sports betting in Kentucky passes the House of Representatives
House Bill 551 was approved by the House Committee on Administrative Regulations, Occupations and Licensing.
United States.- The bill that would regulate sports betting in Kentucky was approved by the Committee on Licensing, Occupations and Administrative Regulations of the House of Representatives. Bill 551, presented by the representative michael meredith in February, it will now go to the full House before potentially moving on to the Senate.
The law would allow online and in-store gambling in professional and college sports, international sports, esports, and video game events. The minimum age would be 18 and the market would be regulated by the Kentucky Horse Racing Commission. The proposal would establish initial license fees of USD500,000 for tracks and USD50,000 for game providers.
Meanwhile, the representatives Derrick Graham, Cherlynn Stevenson and rachel roberts sponsor House Bill 106, which aims to allow online poker and sports betting in the state. In the case of Bill 551, it would not legalize online poker or fantasy sports, which Meredith believes will give it a better chance of becoming law.
See also: Stricter regulations on online sports betting advertising proposed in New York
Gambling revenue in the United States sets a new annual record
As reported by Focus Gaming News, revenue from commercial gambling in the US reached an annual record of USD60.4 billion in 2022according to him Commercial Gambling Revenue Tracker of the American Gaming Association (AGA). This surpasses the previous record of USD53 billion established in 2021.
Some 84 million American adults, 34 percent of the adult population visited a casino in the last yearincluding new markets in Nebraska and Virginia.
The legal sports betting market recorded new records in handling (USD93.2 billion) and revenue (USD7.5 billion). This growth was fueled in part by launches in Kansas, Louisiana, Maryland, and New York.
Meanwhile, online casino revenue grew 35.2 percent year-on-year to USD5 billion in the limited number of states where online gambling is legal.