bring you some of that update tomorrow night on Kentucky edition.

Kentuckians may soon see some big changes to the gambling industry, thanks to a far reaching bill that went down to the wire in Frankfort today.

Our Emily Sisk explains the impacts you need to know when it comes to horse racing and sports betting.

This as we continue tonight's legislative update.

[MUSIC] >> Three years ago, the Kentucky General Assembly passed legislation to make sports betting legal in the Commonwealth.

Now the legislature is advancing a vast gambling measure, House Bill 904, which will impact horse racing, betting, sports wagering and charitable gaming.

One of the highlights in the more than 150 page bill raising the sports wagering age from 18 to 21, state Representative Michael Meredith explained more provisions of House Bill 904.

>> We create a comprehensive licensing and regulatory framework for fantasy sports in this bill.

Fantasy sports have been happening in Kentucky for a long time, but we've never had a licensing framework.

We also ban under bets on in-state college athletes.

So college athletes that play for in-state teams, you would not be able to bet the under on them, which would be a negative outcome, or being able to throw their statistics prediction markets.

We create some new definitions for prediction markets.

That's an emerging area.

And we say, and this is a big change in the Senate committee substitute that you have before you this morning from even what left the House, that if we have a licensee, whether that be a horse track, whether that be a fantasy operator, whether that be a sports betting company, they're not allowed to contract with or be involved in the proceeds of a prediction market.

If that prediction market is operating in Kentucky.

>> The legislation also prohibits wagering on election outcomes.

>> We didn't believe that was allowed under the current law, but we put specific language in there to prohibit those.

>> House Bill 904 legalizes fixed odds wagering, which means that payout would be locked in when the bet is placed.

This expansion drew criticism from the Family Foundation, a Christian public policy group whose executive director called the bill unconstitutional.

>> Fixed odds wagering is a practice in which you now bet against the House.

It encourages more aggressive gambling, more addictive betting.

It increases the risk of manipulation, and it will further undermine the the very distinct identity of the horse racing industry in Kentucky.

>> David Walls referenced a study by the Kentucky Council on Problem Gaming, which reported that 165,000 Kentucky adults reported having a gambling problem.

The conservative advocate said fixed odds wagering will encourage increased gambling addiction, especially in young men.

Representative Meredith argued that raising the sports betting age to 21 will be an effective way to combat gambling addiction in young adults.

>> This is not just you punching in your date of birth.

You have to go through a full age verification process to be eligible for these products in Kentucky.

Under our license marketplace.

>> Many lawmakers in the Senate Licensing and Occupations Committee said they struggled to reach a decision on the legislation.

Senator Christian McDaniel explained why he decided to vote yes.

>> This bill has me torn a number of different directions.

My vote is based on one thing, and that's the age verification and tightening up some of these restrictions.

I think if there's a constitutional issue, the courts will adjudicate it as such, and we'll let them take that up.

>> House Bill 904 passed unanimously out of committee for Kentucky edition.

I'm Emily Sisk.

>> Thank you so much, Emily.

There are also some provisions related to charitable gaming, and the legislation creates a charitable gaming task force that will meet during the interim session.

At the time of our broadcast tonight, House Bill 904 is still waiting for a vote on the Senate floor and,