Adam Koenig

Through the conclusion of racing at Keeneland Sunday Oct. 15, more than $1.1 million has been returned to bettors since the introduction of penny breakage--rounding pari-mutuel winnings to the penny and not the dime--less than two months ago, according to a blog post from the Thoroughbred Idea Foundation (TIF). TIF was a vocal supporter and champion of the penny breakage provision, the first of its kind in North America as part of broader legislation designed to standardize pari-mutuel taxation. "The total is even higher than $1.1 million, that is just...

By a vote of 33-1, the Kentucky State Senate has given their stamp of approval to Kentucky House Bill 607, which modernizes the taxation of pari-mutuel wagers and, in a major victory for horseplayers, eliminates the dime breakage than has been the standard for many years in favor of penny breakage. The change in the breakage will put more money into the pockets of horseplayers and is the first such measure to be introduced in the United States. The lone dissenting vote came from Republican Senator Whitney Westerfield. "For more...

Kentucky House Bill 607, which contains a provision to greatly benefit horseplayers by effectively eliminating breakage, was overwhelmingly approved Wednesday morning by a Kentucky House of Representatives committee. HB 607 also standardizes the tax rate on all pari-mutuel wagers placed in Kentucky and also makes claiming races eligible for Kentucky-bred purse subsidies. The bill must still be approved by the full House before being sent to the Senate. Representative Adam Koenig, whose district in Northern Kentucky is near Turfway Park, is a primary sponsor of the bill, which also has...

Kentucky State representative Adam Koenig (R-Erlanger) introduced four new gaming-related bills Monday, including one (HB 607) dealing with pari-mutuel wagering taxation that includes a provision whereby dividends on pari-mutuel wagers would be rounded to the nearest penny, rather than the nearest $0.10. "This is an exciting step for horseplayers, not only in Kentucky but really anyone in America or around the world who bets into the pools offered on Kentucky racing," said Pat Cummings, Executive Director of the Thoroughbred Idea Foundation, which has been a staunch advocate for a switch...

Breakage, the practice of rounding down bettors' payouts to the nearest 10 or even 20-cent number rather than paying the deserved amount to the penny, has long been a thorn in horseplayers' sides. Kentucky state representative Adam Koenig, an avid horseplayer himself, is trying to do something about it in his state. Wednesday morning, Koenig joined the TDN Writers' Room presented by Keeneland as the Green Group Guest of the Week to discuss the bill he's sponsoring to eliminate breakage in Kentucky, as well as his proposed sports betting legislation,...

Kentucky Representative Adam Koenig joins the TDN Writers' Room to talk about his plan to eliminate breakage. Koenig also discusses his support of the legalization of sports betting, and a tax on ADWs.