Kentucky became the latest state to legalize sports betting, with Gov. Andy Beshear signing a bill Friday that was approved by the state senate one day earlier.
Kentucky expects to bring in $23 million in revenue during the first year of sports wagering, although neighboring Tennessee reaped $68 million in revenue last year, according to SCB Americas.
Tennessee has a 20-percent tax on sports wagering, while Kentucky will have a 9.75-percent tax.
The bill passed by a 25-12 vote Thursday and is expected to go into effect by June when the racing commission will have six months to draw up regulations.
There will be 27 online sports wagering licenses in the state, with Kentucky’s nine horse racing tracks likely to apply to have sportsbooks at their venues.
–Field Level Media