HB 714

Bill Subjects

Administrative Regulations And Proceedings Amusements And Recreation Athletics Corrections Impact Gambling Licensing Local Mandate

Abstract

Create a new section of KRS Chapter 138 to impose a 9.5 percent tax on the adjusted gross revenue of wagers to impose a 9.5 percent tax on the adjusted gross revenue on wagers placed at a licensed track; impose an additional 0.5 percent tax on the adjusted gross revenue and wagers placed at licensed tracks; authorize the department to collect taxes and enforce the penalties imposed in this section; create new sections of KRS Chapter 230 to define terms related to fantasy contests; create the wagering administration fund; establish the Kentucky problem gambling assistance account; allow for sports wagering on a licensed track or other venues where historical horse racing is permitted, a professional sports venue, online, or through a mobile app after the issuance of a wagering license by the commission; permit wagering on professional sporting events sanctioned by nationally recognized organizations; permit sports wagering on college sporting events sanctioned by the NCAA, NAIA, or other body recognized by the commission; permit wagering on international events at the discretion of the commission; establish requirements for a sports wagering license; prohibit someone from placing a sports wager on an event where he or she is a participant; designate the crime of tampering with the outcome of a sporting event to be a Class C felony; require an operator of fantasy contests to be registered with the commission; establish an application process to operate a fantasy contest; establish the process for the commission to review and act upon an application for registration as a fantasy contest operator; authorize the commission to promulgate administrative regulations to implement the requirements necessary to operate fantasy contests; require a registered fantasy contest operator to have an annual audit of records; establish requirements for the operation of a fantasy contests; require a person offering online poker in the Commonwealth to be issued a license by the commission; authorize the commission to promulgate administrative regulation prescribing the requirements for vendors offering online poker gaming; establish the online poker account within the state treasury for the deposit of licensing and gaming fees; and create a severability clause; amend KRS 137.190 and 230.360 to remove the reference of an admission tax; amend KRS 138.510 to impose an excise tax of 1.5 percent of all money wagered on live races; impose a 0.75 percent tax of all money wagered on live races and historical races at the track for Thoroughbred racing to be deposited into the Thoroughbred development fund; designate where to allocate 0.75 percent of all money wagered on historical horse races at the track for harness racing; require deposits to the equine industry programs at the University of Louisville, the University of Kentucky, and the Kentucky Community and Technical College System once the Equine Industry Program reaches $850,000; amend KRS 138.990 to remove the reference of a Class misdemeanor for people who violate KRS 138.480 to 138.490; amend KRS 139.200 to exempt the sale of admissions to enter the grounds of any race track licensed under KRS Chapter 230 where live racing or historical horse racing is being conducted from a 6 percent tax of the gross receipts; KRS 230.3615 to require breaks to be calculated to the nickel; amend KRS 230.363, 230.364, 230.365, 230.366, 230.369, 230.371, 230.372, and 230.373 to establish the procedures for persons with unclaimed sports wagering tickets; amend KRS 230.378 and 230.380 to remove the reference of an admissions tax; amend KRS 230.400 to authorize the commission to provide supplemental purses for claiming races that are contested at race meetings; amend KRS 230.550 to create a revolving fund for equine industry programs at the University of Louisville, the University of Kentucky, and the Kentucky Community and Technical College System; create a new section of KRS Chapter 147A to establish the local government assistance fund; amend KRS 230.210, 230.215, 230.225, 230.240, 230.260, 230.320, 230.361, 230.374, 230.378, 230.380, 230.781, 230.783, 243.500, 525.090, 528.010, 528.020, 528.070, and 528.080 to conform; repeal KRS 138.480, 138.490, and 230.555.