Sports Gaming is illegal in Kentucky, but it hasn't stopped people from placing more than $1 billion in bets over the past year.

A bill making its way through Frankfort would legalize and regulate sports wagering.

Kicking off our legislative update, our K.C.

Parker Bal tells you about the gambling bill.

Legislate.

Voters are placing their bets on.

I'm here to tell you about taking a industry that exists in darkness and in the shadows and legitimizing it, legalizing it and regulating it to protect the consumers of Kentucky.

House Bill 551 would legalize Sports Betting in Kentucky.

Currently, six of Kentucky's surrounding seven states have already legalized sports gaming as Bill 551 sponsor.

Oakland Representative Michael Meredith says sports betting is already happening in the Commonwealth.

This is not a product that's not already happening in the marketplace.

It's just happening in an illegal and unregulated fashion.

Meredith says more than $1,000,000,000 annually are bet illegally in Kentucky.

He says even more money is going across state lines.

And he says it would put money in state coffers.

This is not a huge amount of money for the state.

Let me be clear.

It's roughly by the fiscal now at about $23 million annually in revenue, but that's $23 million.

That's either not being given to any government right now or being given to one of our border states.

But opponents to House Bill 551 say legalizing sports betting will create more problem.

Gamers allow children access to make bets.

The executive director of the Family Foundation called the bill, quote, bad policy and bad government predatory gambling.

Especially in the expansive form that is being considered here in the House.

Bill 551 is not a victim, a victimless form of entertainment or competition.

It is a form of financial fraud that sees the government partner with, well, wealthy gambling interest.

House Bill 551 passed committee this morning and can now be heard on the House floor.

For Kentucky Edition, I'm K.C.

Parker Belle.

The Kentucky Horse Racing Commission would oversee sports gaming if House Bill 551 passes only licensed tracks would be able to get a license.