The Bluegrass State and the Peace Garden State are making strides in authorizing sports wagering.
Legislators in Kentucky have approved a measure that would permit racetracks and sporting arenas to provide in-person, internet-based, and mobile sports betting. This measure would also make fantasy sports and online poker legal.
The measure would impose a $1 million licensing fee for sports betting, along with an annual renewal fee of $50,000. The tax rate for in-person betting would be 10.25% of the adjusted gross revenue, while internet or mobile betting would be taxed at 14.25%.
Fantasy sports licenses would cost $5,000, plus an annual renewal fee of 6% of the previous year’s adjusted gross revenue or a flat fee of $5,000. The measure doesn’t specify a tax rate for fantasy sports.
North Dakota is also advancing legislation to authorize sports wagering.
Within the sphere of internet poker, permits would cost operators a quarter of a million dollar initial charge and a ten thousand dollar yearly renewal charge, while levies would be determined by 6.75% of net poker earnings, payable each month.
Proposal 175 has now advanced to the subsequent stage, but it requires at least sixty votes out of one hundred to pass the Kentucky House of Representatives. Following that, it will be presented to the Senate for further review.
In the meantime, Proposal 1254, which only allows for in-person athletic wagering in North Dakota, has encountered more opposition in its passage through the House.
The legislation received forty-six votes in favor and forty-four votes against in its second reading in the state House, but failed to pass due to a lack of a constitutional majority. However, after reconsideration, the legislation eventually passed with fifty-two votes in favor and thirty-eight votes against.
Proposal 1254 mandates that athletic wagering be categorized as a game of chance, and operators would face different tax rates based on the total earnings from athletic wagering. Businesses with less than one and a half million dollars in quarterly earnings will pay a one percent tax, while those exceeding this threshold will face a two and a half percent tax rate.
The legislation also specifies that only one entity can obtain an athletic wagering permit at a time, even if they are closely related organizations.
Indigenous American gaming establishments in North Dakota, alongside their collaborators who focus on providing services for charitable organizations, will be given permits to offer services exclusively for fundraising purposes for a range of causes. The state presently lacks any commercial casinos.
Wagers will be permitted on all professional and collegiate sporting events with a minimum of two participants.
The North Dakota Senate will discuss the legislation following its resumption on February 27th.
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