House Bill 551, a measure to legalize sports betting in Kentucky, passed the House on Monday evening.
The legislation is sponsored by Representative Michael Meredith, a Republican, and co-sponsored by Representative Al Gentry, a Democrat.
Under the bill, sports betting would be made legal with a regulatory framework and would be placed under the Kentucky Horse Racing Commission, which has regulated wagering in this state for more than 50 years.
Thirty-six states nationwide and the District of Columbia have passed similar legislation, and there are estimates that making sports betting legal in Kentucky would generate approximately $23 million annually, the majority of which would go toward Kentucky’s underfunded public pension system.
A floor amendment was passed with the legislation on Monday that would dedicate a portion of the state revenue to problem gaming in Kentucky.
House Bill 551 passed the House 63-34 and now moves to the Senate for consideration.
Stay tuned to The Bottom Line on this and other bills in the 2023 session.