In his July 11 Team Kentucky update, Gov. Andy Beshear said that in 10 months since legalized sports betting was launched in the commonwealth, sports wagering revenue is beating all predictions and sports wagering continues to be an entertainment source Kentuckians enjoy.
Preliminary numbers indicate that over $37.2 million has been collected by the treasury from sports wagering taxes and licensing fees. Over $34.8 million goes directly to the Kentucky permanent pension fund and over $930,000 goes to the problem gambling fund to educate Kentuckians on safe gambling practices, risk factors and services to reduce the consequences of problem gambling.
“By supporting pensions, money is freed up in the General Fund,” Beshear said.
The figures as based on numbers that are self-reported by the licensees. Final numbers are reported by the new Kentucky Horse Racing and Gaming Corp.
