Kentucky's potentially landmark fixed-odds bill has been voted out the state House with an easy 79-15 margin and now heads to the state Senate.Some of the key elements in the revised version this sweeping bill include a new mandate establishing a minimum amount of at least $1,000 that a bettor can win through fixed-odds wagering, language to essentially decouple wagering providers from the prediction market (which is the ability for bettors to make speculative bets on the outcomes of future events), and language barring a cap being placed on the number of mares bred to a stallion in the state.The stallion cap language was introduced last week as a floor amendment. In its original form, the amendment required that the Kentucky Horse Racing and Gaming Corporation select and use an entity to act as “a registrar of Thoroughbreds” in the state, meaning it could choose an organization other than the Jockey Club, which is the current breed registry for the U.S., Canada and Puerto Rico.That “registrar of Thoroughbreds” is then unable to restrict “the number of mares that can be bred to a stallion or otherwise refuse to register any foal based upon the number of mares bred to the stallion.” That language has been tightened slightly.It now reads that a registrar of Thoroughbreds “shall not restrict the number of mares that can be bred to a stallion or otherwise refuse to register any foal based upon the number of mares bred to the stallion of the foal submitted for registration,” unless the limitations have first been adopted and implemented by the International Stud Book Committee through unanimous consent.If any registrar (i.e. the Jockey Club) fails to comply with the requirements of this chapter, “the corporation shall select and utilize an entity to serve as the registrar of Kentucky Thoroughbreds,” the new language states.Furthermore, the revised bill introduces a pathway for industry stakeholders to seek legal compensation in the event any unauthorized stallion cap is imposed.“A party aggrieved by a registrar's action in violation of subsection (2)(a) of this section shall have the right to seek any applicable remedy, in law or in equity, against the registrar, as well as be entitled to recover treble damages plus any actual damages sustained as a result of the registrar's actions,” the new language states.HB 904 a sweeping piece of legislation seeking to legalize fixed-odds wagering in the state. Unlike the fluctuating odds that make up pari-mutuel betting, fixed-odds wagering is a form of betting in which the payout odds are set and agreed upon at the time the wager is placed. Crucially, they do not change.The language establishing a minimum amount a bettor can win on fixed odds wagering is new.“A track or association or service provider licensed under this chapter shallhave a mandatory minimum bet limit of at least one thousand dollars ($1,000) per race,” the new language reads, further explaining that a “minimum bet limit” means “the amount a bettor can win, not how much can be staked or collected.”The original form of the bill establishes a new “purse stabilization fund” (to supplement existing purses at live meets) that would be supported by a flat 15% tax on fixed-odds betting conducted on-track, online or via mobile apps.The revised form of the bill tweaks the taxation language, imposing a 9.75% tax on fixed-odds wagering revenue made on-track, and a 14.25% tax on fixed-odds wagers made online or via mobile apps.The original bill also required tracks and tote companies to adopt new modern technologies to streamline and expedite betting cycles times. Right now, tote machines across the country update at varying times-typically anywhere between 10- and 30-second cycles. That language remains.The bill now heads to the state Senate, where the Republicans maintain a 32-6 majority over the Democrats. If the bill is ultimately successful and includes language approving fixed-odds wagering, Kentucky would join New Jersey, Colorado and West Virginia as states that have legalized this form of betting.The current legislature adjourns on Apr. 15, making it a tight timeframe to pass such a sweeping bill during the current session. Lawmakers are scheduled to reconvene in early June for an interim session that will run through December.The post KY Fixed-Odds Bill Leaves House, Heads to State Senate appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.