Penny Breakage Among Gaming Legislation Introduced in KY

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Adam Koenig | Courtesy Adam Koenig

Kentucky State representative Adam Koenig (R-Erlanger) introduced four new gaming-related bills Monday, including one (HB 607) dealing with pari-mutuel wagering taxation that includes a provision whereby dividends on pari-mutuel wagers would be rounded to the nearest penny, rather than the nearest $0.10.

“This is an exciting step for horseplayers, not only in Kentucky but really anyone in America or around the world who bets into the pools offered on Kentucky racing,” said Pat Cummings, Executive Director of the Thoroughbred Idea Foundation, which has been a staunch advocate for a switch to penny breakage.

“We are hopeful for its favorable passage and, in the end, provide horseplayers with the most substantive reform of breakage provisions in American history. It is a great sign that Kentucky is leading the way and offer our great thanks for the support of Chairman Koenig.”

HB 606, sponsored by Koenig and Rep. Alan Gentry (D-Louisville), aims for Kentucky to join the growing national trend of legalizing sports betting. Under the proposal, racetracks would be among the venues legally allowed to accept bets on other sports.

Click here for Koenig's appearance on the TDN Writers' Room podcast in January.

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