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Nebraska Historic Horse Racing Proposal Survives in State Legislature

Nebraska Historic Horse Racing Proposal Survives in State Legislature

Earlier this week a proposal to allow betting on “historic” horse races survived an attempt to kill it in the Nebraska Legislature. This means that the proposed constitutional amendment will have a final-round vote, possibly later this week.

The proposal was introduced by Omaha Sen. Scott Lautenbaugh and if passed will give Nebraska voters the chance to change the state constitution to allow gambling at video terminals showing previously run, or “historic”, horse races. In order to pass, the amendment needs 30 votes but not a signature from the governor.

If it is approved it will be placed on the November general election ballot. Those who support it say that it will provide a much-needed boost of funds to the state’s horse racing industry which in turn would result in more live races and the chance to build a new racetrack in Lincoln.

Lawmakers have adopted an amendment to the proposal which would direct tax revenue from the new form of gambling to property tax relief and state aid to schools and universities. While it is not known if the proposal will receive the 30 votes it needs, the amendment is expected to increase support for it.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.