State Sen. Julian Carroll, D-Frankfort, has prefiled legislation establishing the framework to allow sports wagering at any horse racing track or off-track wagering facility.
Bill Request 236 builds on two previously filed bills that were proposed over the last couple of legislative sessions by Carroll. He introduced the bills in anticipation of the U.S. Supreme Court striking down the Professional and Amateur Sports Protection Act, commonly known as PASPA. BR 236 would use the revenue generated from sports wagering to fund education and the Kentucky Retirement Systems.
Following the Supreme Court’s ruling, many states passed sports wagering legislatio. Those states collected tens of millions of dollars in revenue, according to Carroll, who noted that New Jersey alone generated more than $26 million in tax revenue the first year.
Carroll’s bills did not get a hearing during the 2018 or 2019 legislative sessions.
“Because of the General Assembly’s failure to act on this, despite numerous opportunities, Kentucky continues to lose revenue daily that could be funding our schools and ailing pension systems. And frankly, our residents are now vulnerable to an unregulated sports wagering market,” said Carroll, who is retiring when his current term expires next year.
The bill would require a majority of the revenue generated from sports wagering to be deposited into the Kentucky Employees Retirement Systems Non-Hazardous and Kentucky Teachers’ Retirement Systems proportionally. The Kentucky Educational Excellence Scholarship will also benefit, with the remaining going toward horse racing development funds.
BR 236 will be considered during the regular legislative session beginning in January.