House Bill 551, clearing the way in the Senate, would legalize sports betting in Kentucky, giving people of the region a chance to stay in the state and bet on their favorite sports. The House has cleared the bill with 63-64 votes; however, there is still a difference in the Senate that is stopping the bill from seeing implementation.
States sharing borders with Kentucky have already legalized sports betting in one form or another. It is now time for Kentucky to open its doors and let some of the best sports betting sites enter the region. Interested betters have an alternative where they simply cross the border to a neighboring state to engage in sports betting.
Speaking with a long-term goal in mind, this is putting a dent in Kentucky since the state is losing revenue in the form of tax. As per a statement by Republican Michel Meredith, one literally just has to cross the border or the river to participate in sports betting.
Meredith happens to be leading the bill in support of legalizing sports betting in Kentucky. He has the support of Senate Damon Thayer, but the minimum requirement of a three-fifths vote in each chamber is difficult to attain. The same tone has been echoed by Thayer with the addition that they are going to do their best to get the required number.
Opponents of House Bill 551 have put an argument saying that the bill is bad for Kentucky because it hurts the social aspect of the state.
Chris Fugate, a Republican, has said that the legislation is not something to be proud of, adding that prayers have been put up to see legislation that brings jobs to Kentucky & its rural parts.
New players entering the market through the legalization of sports betting will improve infrastructure and bring employment to the people. Moreover, it is estimated that the state will collect a revenue of $23 million every year through sports betting alone. The number has been quoted by Meredith to counter the statements made by Fugate.
Operators will shine as well. Their license will allow them to collaborate with up to three service providers for the purpose of sports wagering. Only an upfront fee of $500,000 will be required, along with the renewal fee of $50,000.
Sports wagering seeks people to bet on sports provided they have knowledge that suffices to stand a better chance to win a few dollars. The odds offered to depend on which operator one chooses.
Legalizing sports betting in Kentucky comes with benefits and challenges alike. Benefits are in the form of tax collection, and the challenge is to keep things under control, like problem gambling or overspending. Assuming the bill has considered these concerns or any other similar concerns, then it should be good to clear the Senate.
