State lawmakers place their bets on sports gambling
Associated PressKentucky’s public employee pension system, $39 billion in the red, is among the worst-funded retirement plans in the country and has vexed lawmakers for years as they sought a solution. An analysis of the Kentucky bill found that taxes on sports betting — set at 10.25 to 14.25 percent of the sportsbooks’ winnings — could bring the state $20 million annually in revenue. State Rep. Chris Fugate, a Republican who represents an eastern Kentucky district, is one of several lawmakers who question whether legalizing sports betting is worth it because of the potential social cost. “It’s already occurring in North Dakota,” state Rep. Michael Howe said Wednesday as the House passed a sports betting legalization bill. “Let’s keep that money in North Dakota for charities, addiction services and tax revenue.” Whether to allow betting on college sports is among the provisions lawmakers in several states are considering.