Kentucky and North Carolina Take Opposite Stances on Legalizing Sports Betting

The Kentucky legislature has passed a bill legalizing sports betting in the state, with the law set to go into effect in late June. The bill allows the Kentucky Speedway and horse racing tracks to operate as sports betting facilities, with bets allowed there and on licensed websites and phone apps. Wagers placed at tracks would have an excise tax of 9.75% and online wagers a rate of 14.25%. The bill is expected to bring in an estimated $23 million in annual tax revenue directed to the state's public pension system.