Kentucky’s governor has signed law geared toward securing the legality of having a bet on ancient racing machines.
The measure protects the thoroughbred business however extra paintings stays to enact “a extra honest and equitable tax construction,” Gov. Andy Beshear mentioned Monday. His feedback replicate calls by way of some lawmakers for a better tax charge on ancient racing operations.
Slots-style ancient racing machines permit other folks to guess on randomly generated, previous horse races. The project has grow to be a profitable earnings supply for the state’s racetracks.
The state’s racing business pumped tens of millions of bucks into growing ancient horse racing parlors. Tracks reinvested one of the vital earnings to make Kentucky’s horse racing circuit extra aggressive with casino-backed tracks in other places.
The invoice signed by way of Beshear seeks to mend flaws that led Kentucky’s Ultimate Court docket to rule a minimum of some sorts of wagering on ancient horse racing didn’t meet pari-mutuel wagering requirements. The measure inserts such operations into the definition of pari-mutuel wagering.