Putting up shop and starting your own sportsbook can be complicated, at least without the benefits of using a pay per head. Creating a platform for your players to bet on, running and managing lines, and monitoring all of the action can be very time-consuming. And expensive. Then, when you add in the different laws from each state in the US, it could get even more confusing. Such is the case for Kentucky Sports Betting.
Each US state is free to determine their own policy on sports betting. Some are outright against it, some are embracing it. Some want to take more time to plan and study the sports betting industry. While some, like New York and Kentucky, have legislators who are debating on the legality of even signing into law any current sports betting law due to the state’s constitution.
Kentucky Sports Betting
The wording on the constitution was apparently vague enough for local legislators to disagree over sports betting. Some argue that the state will need require either changes in their constitution. Or, require a public referendum. Interpreting the law is confusing, and already costing the state in lost revenue.
Sites like Price Per Player generate a lot of action for bookies. Sports betting is, after all, a billion dollar industry that still continues to grow. Kentucky could have started early on coming up with sports betting laws that would regulate a market. And since the matter is starting to take too much time to resolve, they are starting to centralize the discussion. the state’s Interim Joint Committee on Licensing, Occupations, and Administrative Regulations have spoken. A hearing was hosted by the committee, where a lawyer argues that no constitutional changes are necessary to approve any bill on sports betting.
If this argument gains traction. Followed by the house of representatives actually passing a law on sports betting, then Kentucky can stand to earn millions. This will come from revenue taxes that local sportsbooks will generate. Of course, this will be used to fund social and development projects in the state. Next month, the General Assembly will tackle a sports betting bill that would put the Kentucky Horse Racing Commission on oversight. This means that any racetrack can put up a sportsbook. The same opportunity applies for professional sports venues. As for the discussion on online sports betting, it will be allowed. However, there will be a 14.25% tax on the adjusted sports revenue, higher than the 9.75% plus .5% that retail sportsbooks will pay.