(LEX 18) — $2.6 billion was bet on sports in Kentucky between September of 2023 and September of 2024, according to the Kentucky Horse Racing Commission, which regulates sports wagering in the state.
KHRC explained that the $2.6 billion resulted in $43.1 million in taxes for Kentucky. That was welcome news to lawmakers.
"$43.1 million in revenue over the first year is $20 million more than what was projected by the General Assembly," said Rep. Michael Meredith, the primary sponsor of Kentucky's sports betting legislation. "$23 million was our projection that we worked off of when we passed HB 551."
"This was something the people of Kentucky wanted and I’m exceptionally proud of the work that we did to bring it to them," he added.
Where is the $43.1 million in taxes going? According to the KHRC, 94% of it went to the state's pension fund and 2.5% went to the problem gambling fund.
"$40.5 based on those numbers goes into the pension fund," said Meredith. "We were expecting about $20 million. So that’s $20 million more to the pension fund."
