kentucky supreme court | Horse Racing Free Tips

The Friday Show Presented By Woodbine: Historical Setback In Kentucky?

The shockwaves felt on Thursday when the Kentucky Supreme Court unanimously ruled against the claim that certain historical horse racing (HHR) machines constitute pari-mutuel wagering were felt all the way from the state capitol in Frankfort to financial markets on Wall Street.

In the immediate aftermath of the ruling – in a case brought to the courts by the anti-gambling Family Foundation – Kentucky Gov. Andy Beshear and state Senate majority floor leader Damon Thayer spoke out in support of historical horse racing wagering that has helped lift Kentucky purses to among the best in the nation.

Share prices in Churchill Downs Inc. – whose Derby City Gaming facility in Louisville generated the largest market share of the $2.2 billion wagered on historical racing in the last fiscal year – took a nearly 10% fall after the news broke. CDI officials issued a statement suggesting legislative relief may be needed in the wake of the Supreme Court ruling.

In this week's edition of the Friday Show, publisher Ray Paulick and editor-in-chief Natalie Voss assess what may happen next with historical horse racing in Kentucky.

Watch the Friday Show below.

The post The Friday Show Presented By Woodbine: Historical Setback In Kentucky? appeared first on Horse Racing News | Paulick Report.

Source of original post

Kentucky Supreme Court Determines Instant Racing Game Not Pari-Mutuel

A Kentucky Supreme Court ruling issued Thursday reversed a 2018 court decision which had determined instant racing was a permitted type of pari-mutuel racing in the state, calling into question the future of a significant component of funding for horse racing in the state.

A civil suit brought in 2018 by the Family Trust Foundation of Kentucky against the Kentucky Horse Racing Commission, Kentucky Department of Revenue, and the various racing associations in Kentucky, had claimed Encore instant racing machines weren't permissible under Kentucky's definition of pari-mutuel wagering. The Franklin Circuit Court determined the Encore system did qualify as pari-mutuel wagering because money bet through instant racing terminals went into a collected pool from which patrons were paid out.

The state supreme court disagreed, pointing out that Encore instant racing customers are not betting on a single race simultaneously, and that after a pool is paid out completely it must be refreshed by the wagering authority. These details, according to the opinion, run counter to the legal definition that pari-mutuel wagering takes place with money generated only by patrons betting against each other on a single event.

“We acknowledge the importance and significance of this industry to the Commonwealth,” the state supreme court opinion read. “We appreciate the numerable economic pressures that impact it. If a change, however, in the long-accepted definition of pari-mutuel wagering is to be made, that change must be made by the people of this Commonwealth through their duly elected legislators, not by an appointed administrative body and not by the judiciary.”

Encore gaming systems are currently used at Keeneland, Red Mile, Kentucky Downs, and Ellis Park.

Read the supreme court opinion here.

The post Kentucky Supreme Court Determines Instant Racing Game Not Pari-Mutuel appeared first on Horse Racing News | Paulick Report.

Source of original post

Kentucky Supreme Court Rules That Historical Horse Racing Does Not Constitute Pari-Mutuel Wagering

The Kentucky Supreme Court has ruled that the slot-like historical horse racing system does not constitute pari-mutuel wagering, overturning a Franklin Circuit Court judge’s 2018 ruling, according to a report on WDRB.com.

“We acknowledge the importance and significance of this industry to this Commonwealth. We appreciate the numerable economic pressures that impact it,” the high court said. “If a change, however, in the long-accepted definition of pari-mutuel wagering is to be made that change must be made by the people of this Commonwealth through their duly-elected legislators, not by an appointed administrative body and not by the judiciary.”

This story will be updated.

The post Kentucky Supreme Court Rules That Historical Horse Racing Does Not Constitute Pari-Mutuel Wagering appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

Source of original post