Kentucky Gov. Andy Beshear indicators sports activities betting into legislation: Video
Kentucky Gov. Andy Beshear indicators sports activities betting into legislation on the Kentucky State Capitol Friday morning
Scott Utterback, Louisville Courier Journal
Kentucky residents wager $2.9 billion within the first 14 months of authorized sports activities betting within the commonwealth, in accordance with a brand new report from the Kentucky Horse Racing and Gaming Company.
The full consists of bets positioned from September 2023 by way of October 2024. Of the $2.9 billion in wagers, $2.8 billion have been made through on-line betting platforms, whereas the remaining $100 million in bets have been made at brick-and-mortar areas, in accordance with the report.
The bets created about $46.1 million in tax income for Kentucky, with $43.1 million coming within the first 12 months. Officers estimated producing $23 million in income within the first yr.
State legislation distributes the tax income 3 ways. First, the income covers administrative bills of operating this system. Roughly 2.5% of the collected taxes are directed towards the issue playing fund, with the remaining whole going to Kentucky’s pension fund.
Sports activities betting grew to become authorized on Sept. 7, 2023 after the Kentucky Common Meeting permitted a invoice on the ultimate day of the the yr’s legislative session.
Contact reporter Killian Baarlaer at [email protected] or at @bkillian72 on X.
