The Kentucky legislature has passed a sweeping bill that opens the door to fixed-odds wagering in the state and bars a cap being placed on the number of mares bred to a stallion there.In its final passage Wednesday, the 150-page bill passed out of the state House on a 64-19 vote, with 17 no-votes. It was delivered to Governor Andy Beshear's office on Thursday with a veto-proof majority.HB 904 was introduced into the state legislature by Republican Representatives Matthew Koch and Michael Meredith.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. Kentucky now follows New Jersey, Colorado and West Virginia as states that have legalized this form of betting.Some other elements in the bill include a mandate establishing a minimum amount of at least $1,000 that a bettor can win (not how much can be staked or collected) through fixed-odds wagering, along with 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).The bill ensures that any future Jockey Club effort to impose a stallion cap wouldn't have an effect in Kentucky.It 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.This language is similar in effect to a state bill introduced in 2022, written in response to The Jockey Club's then-new mandate that any stallion born from 2020 onward would only be allowed to cover up to 140 mares. After that bill was introduced, The Jockey Club rescinded the cap.Speaking at the recent National Horsemen's Benevolent and Protective Association(NHBPA) conference, newly minted Jockey Club chair Everett Dobson told the audience the organization would revisit that stallion cap mandate.“Years ago, The Jockey Club attempted to impose a cap on the number of mares a stallion could breed. Under my leadership, we're going to revisit that question. This time, we will involve stallion farms and other breed registries around the world to help us find the solution. Our discussions must be science-based with an understanding of the economic realities of the world we live in,” Dobson said at the time.When it comes to the proceeds from fixed-odds wagering, the bill establishes a new “purse stabilization fund” (to supplement existing purses at live meets) that would be supported by 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.It also requires tracks and tote companies to adopt new modern technologies to, in part, 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.“At the earliest opportunity consistent with existing contractual provisions, licensed totalizator companies, licensed race tracks, and associations shall accelerate the adoption of technologies to promote and aid in the development of the operation of the wagering systems on live horse racing; Update the totalizator and other mechanical equipment, which has been licensed by the corporation, to include commercially reasonable access to the betting odds for retail bettors by April 1, 2027; and at a minimum, update technologies related to the pari-mutuel system of wagering annually,” the bill reads.The post Kentucky Legislature Approves Anti-Stallion Cap, Fixed-Odds Bill appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.