As a result of the $43 billion pension crisis in Kentucky, a gambling overhaul bill is currently being considered to generate revenue.
House Bill 175 was reviewed by the House Licensing, Occupations and Administrative Regulations Committee in a hearing.
Currently, the state is battling a very heavy pension shortfall that amounts to $43 billion. The tax revenue generated by opening the gambling market for legal wagering operations can help to counter this deficit.
Tax Revenue from Sports Betting
Under bill 175 the tax on sports betting will be 14.25% for online operations and 10.25% for land-based operations. These tax rates are in line with most states that have legalized and launched wagering operations.