March 30, 2023 6:58pm
Greater Louisville Inc. celebrates Kentucky General Assembly’s legalization of sports wagering
Louisville, Ky. (March 30, 2023) – In the final hours of the 2023 session, the General Assembly took action on one of Greater Louisville Inc.’s long-term policy priorities to make Kentucky more competitive with surrounding states by legalizing sports gaming. House Bill 551, sponsored by Representative Michael Meredith (R-Oakland) legalizes retail and online sports betting in Kentucky. The legislation regulates and taxes sports wagering for professional, college, amateur, and international sports events and will bring in an estimated $23 million in annual revenue to Kentucky.
“GLI is thrilled that this legislation finally made it across the finish line. HB 551 will make Kentucky more competitive and will help capture important revenue we have been losing to neighboring states for too long,” said Sarah Davasher-Wisdom, president and CEO of Greater Louisville Inc. “Thank you to Rep. Meredith for sponsoring this legislation and continuing to work with GLI to grow our economy.”
Licensed Kentucky horse racetracks will be able to obtain licenses to partner with up to three mobile wagering providers. The Kentucky Horse Racing Commission will provide regulation and oversight. Sports wagers will be taxed at a tiered tax rate of 14.25 percent for online wagers and 9.75 percent for in-person wagers at tracks.
“After many years of debate, Kentucky now has a clear path to regulated and legal sports wagering that will generate important revenue for our state,” said Rep. Meredith. “GLI continues to be an integral partner in passing pro-growth policies that set our state up for future success and economic growth and I thank them for their help getting this across the finish line.”
Revenue collected from legalized sports wagering will be used to pay down the state’s pension liabilities after covering administrative costs.