​Meredith, Koch File Consumer Protection Act for Wagering

Edmonson Voice Report:
Kentuckians participating in lawful, state-regulated wagering and charitable gaming activities would be better protected under legislation filed last week by two House Committee Chairs, Representative Michael Meredith and Representative Matthew Koch, according to a released statement from the Kentucky House Majority Caucus.

The statement also said that House Bill 904 aims to modernize and strengthen regulations around various forms of wagering in Kentucky, including sports betting, horse racing, fantasy sports contests, and charitable gaming, while adding consumer protections and oversight by the Kentucky Horse Racing and Gaming Corporation.

“We created a nationally-recognized structure for sports wagering in the Commonwealth a few years ago,” said Meredith. “House Bill 904 would bring us in line with much of the country in governing fantasy contests. Our goal is to make sure consumers are protected and have access to the products they are demanding in the marketplace.”

Main Provisions of the Bill:

• Legalizes fixed-odds wagering on horse racing (a form of betting where payout odds are set at the time of the wager and don't fluctuate like traditional pari-mutuel pools; this would allow tracks to offer it and modernize horse betting options, similar to what's allowed in states like New Jersey and Colorado).
• Raises the minimum age for sports wagering (and related activities like fantasy contests) from 18 to 21 (this would align it more closely with other age-restricted activities and add protections for younger adults).
• Bans certain proposition bets (prop bets) on individual college players from Kentucky teams/universities (to help protect in-state college athletes and maintain integrity; wagers on out-of-state college players would still be allowed).
• Regulates and legalizes fantasy sports contests under the oversight of the Kentucky Horse Racing and Gaming Corporation (bringing them into a formal regulatory framework, similar to many other states).
• Adds consumer protection measures, such as strengthening safeguards for bettors, potentially including self-exclusion lists or other tools to prevent problem gambling, and improving oversight of charitable gaming and fantasy operators.
• Prohibits participation in certain "predictive markets" wagering (event contract trading on outcomes).
• Includes other updates to excise taxes, technology requirements for wagering systems, and general modernization of gaming laws.

 
Koch added, “It is important that we ensure safeguards are in place to protect consumers and maintain the integrity of lawful wagering and charitable gaming. The Wagering Consumer Protection Act would build on the General Assembly’s previous work to strengthen industry oversight and establish a regulatory framework that supports the long-term success of these industries.”
 
The bill was introduced on March 4th. For more information on HB 904, please visit legislature.ky.gov.