Legislation will bring in revenue from Advance Deposit Wagering
Frankfort, KY–The Kentucky House Committee on Appropriations and Revenue yesterday approved House Bill 189, legislation sponsored by House Speaker Pro Tem Larry Clark, which will support the racing and breeding industry in Kentucky with revenue from bets made through advance deposit wagering providers.
“Revenue from live racing continues to drop, but advance deposit wagering is growing,” said Clark. “This bill will allow us to redistribute revenue back into the racing and breeding industry, revenue that it once received through wagers on live racing. Due to legislation passed a couple of years ago, we now have data to substantiate how much Kentuckians are betting through these companies, and how much the state and purses are losing. It is anticipated that passage of HB 189 would generate as much as $510,000 annually for tracks and race purses and $90,000 for the state.”
Advance deposit wagering (ADW) is a type of wagering on horse racing in which individuals establish accounts with an ADW provider, such as TwinSpires.com (owned by Churchill Downs) or Xpressbet.com, out of which the account owner can wager on races all across the United States. ADW wagering is a growth area in the pari-mutuel wagering industry, since racing patrons can now make wagers from home, or on smart phones or other communication devices, rather than by actually visiting a racetrack. Currently, the Commonwealth derives no revenue from ADW wagers, and track purse accounts may not realize as much revenue as in the past since live racing handle is decreasing.
Clark represents the 46th District in Louisville and has served in that position since 1984 and he maintains a 100% voting record. He has served as House Speaker Pro Tem since 1993, having been re-elected to that position for the 11th time on January 9th, 2013. Clark has sponsored legislation for job creation, economic development and education, and he has been a supporter of seniors and veterans. For more information, visit www.KeepLarryClark.com.