00:00The state of Kentucky, I thought, was going to raise the low age of sports betting from 18 to a
00:08minimum of 21.
00:09But, Sam, they decided against this, and I wonder why.
00:14So you tell us.
00:16Yeah, so the Kentucky House and Senate passed this bill that would have raised the age from 18 to 21
00:23to bet in the state.
00:24That's what most states have.
00:26That's also trying to keep in line with what prediction markets are doing.
00:30Not only would it have raised that minimum betting age, it also would have banned player props on in-state
00:35college teams, and it would have mandated that all daily fantasy sports is done peer-to-peer as opposed to
00:41player versus house contests, which we've seen in the past.
00:44So the legislature passed it, but Governor Andy Beshear actually vetoed it.
00:48So the big question is why would he do that?
00:50It seems like a lot of these changes are not big major changes that would impact the industry that much.
00:56The reason that he gave is because the bill also would have allowed the Kentucky Lottery and the Kentucky Gaming
01:03Commission to effectively make new rules and regulations for the industry without his consent.
01:10They could propose these emergency clauses where they could change anything from what sportsbooks are allowed to offer or a
01:17whole host of regulations that sportsbooks have to adhere to.
01:21So he said, frankly, he doesn't want to be left out of the process.
01:24He doesn't think that's how it should go.
01:26So what happens now is the bill is back in the legislature.
01:29They have about until tomorrow to potentially override his veto and pass it on a majority vote, which, again, to
01:37try to potentially either change the bill so he does have that power or just to cut him out completely
01:43if they pass it and override his veto.
01:45So these changes are very much still in play.
01:48You know, the legislature has overridden a lot of Beshear's vetoes in the past.
01:53So it has the votes.
01:54One interesting part I want to mention on this, too, is that the bill also would make it for companies
02:00that are licensed in the state to do sports betting, not able to offer prediction markets in Kentucky.
02:05A previous version would have made it if you have a prediction market anywhere in the country at all, you
02:11would lose your Kentucky sports betting license.
02:14FanDuel, DraftKings and the other sportsbooks are doing prediction markets came back to the legislature and said that that will
02:19probably cost you about $40 million in tax revenue.
02:22So they removed that provision notably, but changes can still be made before the final vote tomorrow.
02:29But I would expect this bill to probably go ahead kind of as intended, even despite the governor's pushback.
Comments