HB551: AN ACT relating to wagering and making an appropriation therefor.

Legislative Summary

Create a new section of KRS Chapter 230 to establish the wagering administration fund from sports wagering taxes and fees; direct use of that fund toward related administrative expenses of the Public Protection Cabinet; deposit all remaining funds in the Kentucky permanent pension fund; create new sections of KRS Chapter 230 to require the racing commission to institute a system of sports wagering at tracks; limit the types of events upon which wagers may be placed; establish sports wagering licensure requirements; prohibit participants from wagering on events in which they participate and from tampering with the outcome of a sporting event; amend KRS 230.210 to define "interactive sports wagering technology and service provider," "sporting event," and "sports wagering"; amend KRS 230.215 to declare the intent to allow citizens to enjoy sports wagering and allow the racing commission to promulgate administrative regulations prescribing conditions under which sports wagering is to be conducted; amend KRS 230.990 to penalize participants or licensee employees who wager on sporting events or any person who tampers with the outcome of a sporting event; create a new section of KRS Chapter 138 to define “adjusted gross income” and impose a tax on sports wagering; amend KRS 243.500, 525.090, 528.010, 528.020, 528.070, and 528.080 to exempt sports wagering; amend KRS 68.182, 91.202, 92.282, 230.225, 230.240, 230.260, 230.310, and 230.361 to conform; add severability clause; APPROPRIATION.