Kentucky Sportsbook Bill Progresses in the House

The Kentucky sportsbook bill is gaining traction, and many bettors in the state look forward to see the bill pass into law this year. This Wednesday, the state’s Licensing and Occupations Committee vote for House Bill 551. HB 551 aims to legalize sports betting in the state. The introduction of the bill is just this February 22, so having it pass the committee this soon means that the bill will likely gain more momentum in both the House and the Senate.

Kentucky is a state known for horse racing. This means that betting is not unfamiliar territory for the state to study. And those who use a sportsbook pay per head software for their sportsbooks know how important it is to know what their players want. This will allow them to customize the betting experience for their players. Of course, this will lead your sportsbook to earn more. For Kentucky, offering wagering and horse racing is definitely a good combination for a lucrative business.

Kentucky Sportsbook Bill Gains Traction

The bill includes a lot of details about how sports betting will operate, who will regulate, what the licensing and tax fees are, and so on. This is very similar to being a bookie. As knowing the importance of betting platform payment for sportsbooks will be a key factor to running a bookie business smoothly.

HB 551 aims to legalize sports betting and work with the state’s 9 horse racing tracks. The Kentucky Horsing Race Commission will be regulating the market. And of course, online sports betting is part of the bill. The bill states that online sportsbooks will pay a $500,000 licensing fee and have a 14.5% tax for wagers. Meanwhile, retail sportsbooks will have a 9.75% tax rate.

The bill needs to get 60% of votes in favor of the bill in both the House and the Senate to pass. Studies estimate that the market will generate $22.5 million in annual revenue for sports betting. Thus, it will be likely that the state will want that additional source of income. And if you want to earn your own from sports betting, there are a lot of bookie pay per head reviews that you can read to get started.

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