{"id":8874,"date":"2023-03-30T18:58:26","date_gmt":"2023-03-30T22:58:26","guid":{"rendered":"https:\/\/www.greaterlouisville.com\/?p=8874"},"modified":"2023-03-31T13:16:39","modified_gmt":"2023-03-31T17:16:39","slug":"greater-louisville-inc-celebrates-kentucky-general-assemblys-legalization-of-sports-wagering","status":"publish","type":"post","link":"https:\/\/www.greaterlouisville.com\/press-releases\/greater-louisville-inc-celebrates-kentucky-general-assemblys-legalization-of-sports-wagering\/","title":{"rendered":"Greater Louisville Inc. celebrates Kentucky General Assembly\u2019s legalization of sports wagering"},"content":{"rendered":"

Louisville, Ky.\u00a0<\/strong>(March 30, 2023) \u2013 In the final hours of the 2023 session, the General Assembly took action on one of Greater Louisville Inc.\u2019s 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.<\/p>\n

\u201cGLI 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,\u201d said Sarah Davasher-Wisdom, president and CEO of Greater Louisville Inc. \u201cThank you to Rep. Meredith for sponsoring this legislation and continuing to work with GLI to grow our economy.\u201d
\n
\nLicensed 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.<\/p>\n

\u201cAfter many years of debate, Kentucky now has a clear path to regulated and legal sports wagering that will generate important revenue for our state,\u201d said Rep. Meredith. \u201cGLI 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.\u201d \"\"<\/p>\n

Revenue collected from legalized sports wagering will be used to pay down the state\u2019s pension liabilities after covering administrative costs.<\/p>\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

Louisville, Ky.\u00a0(March 30, 2023) \u2013 In the final hours of the 2023 session, the General Assembly took action on one of Greater Louisville Inc.\u2019s 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…<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[247,6],"tags":[859],"class_list":["post-8874","post","type-post","status-publish","format-standard","hentry","category-advocacy-and-legislation","category-press-releases","tag-kyga"],"acf":[],"yoast_head":"\nGreater Louisville Inc. celebrates Kentucky General Assembly\u2019s legalization of sports wagering – One Louisville<\/title>\n<meta name=\"description\" content=\"Louisville, Ky.\u00a0(March 30, 2023) \u2013 In the final hours of the 2023 session, the General Assembly took action on one of Greater Louisville Inc.\u2019s long-term\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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