Analysis says sports betting could generate $20M annually

0
72
Sports Betting Image via MGN Online
Graphic courtesy: MGN Online

FRANKFORT, Ky. (AP) – An analysis of a proposal to legalize sports betting in Kentucky says it could generate about $20 million per year in tax money.

House bill 175 would tax sports betting in Kentucky at 10.25 percent for in-person wagers and 14.25 percent for wagers made online. An analysis by Commonwealth Economics said the proposal would generate $20.2 million each year.

- Advertisement -

The proposal would not allow betting on sporting events involving Kentucky colleges and universities.

The analysis does not consider the proposed $500,000 licensing fee or the impact of fantasy sports and internet poker.

The proposal would require lawmakers spend the money on regulating the industry and addiction prevention services. Whatever is left over would go to the state’s troubled public pension systems.

Republican Rep. Adam Koenig is sponsoring the bill. He said people are “crying out” to be able to bet on sports.

Previous articleUN court has jurisdiction to hear part of Iran-US dispute
Next articleIranian state media blames al-Qaida-linked Sunni extremist group Jaish al-Adl for bus bombing that killed at least 20
mm
Erica joins the ABC 36 family as a Co-Anchor of Good Morning Kentucky weekday mornings from 5am-7am with Cody Adams and Good Day Kentucky weekday mornings from 9am to 10am. Erica also anchors News at Midday from 12-12:30pm. She is also a Web and Social Media Content Producer. Erica graduated in three and a half years from Michigan State University with a Bachelor's degree in Broadcast Journalism and specialization in Women, Gender and Social Justice. Although she hails from Michigan, Erica has worked as a News Reporter/Sports Anchor for the CBS-affiliate in St. Thomas, U.S. Virgin Islands. Prior to that, she worked for a PBS-affiliate there covering all types of news – even providing live reports for The Weather Channel during her first hurricane. She then moved to Lake Charles, Louisiana and worked as the Weekend Anchor/Reporter at KPLC, the NBC/FOX/CW affiliate. Erica comes to Lexington from the Huntington area where she worked at WSAZ, an NBC/CW affiliate in West Virginia, as a weekday evening anchor covering the tri states of Ohio and Kentucky as well. In addition to her background on TV, Erica has worked in radio, served as the PA announcer for the Class A "Lansing Lugnuts" and hosted Carnival parades in the U.S. Virgin Islands. Some of her favorite hobbies include running, reading, hiking, spending time with her husband and taking pictures of their furbabies. Erica is big on community involvement, having served as a board member for Dress for Success, volunteered as a Big with Big Brothers Big Sisters, worked on the Mayor's Armed Forces Commission in Lake Charles and hosted countless events. She hopes you can connect with her on Facebook: EricaBivensTV and on Twitter: @ericabivens or Instagram: erica.bivens. You can also email her at ebivens@wtvq.com. Please send all event inquiries via email. Erica is excited to explore Lexington and the outdoors and - of course - meet all of you!