As Kentucky sports betting prepares to launch in early September, Gov. Andy Beshear has been making new moves. Last Friday, Beshear signed an emergency regulation to start administering the Kentucky Problem Gambling Assistance account, according to Kentucky Today.
A portion of the gaming revenue in the state will be used to help those who struggle with gambling addictions.
On March 30, the governor signed HB 551, a bipartisan legislation passed by the General Assembly, to legalize sports betting in Kentucky.
Earlier this month, the Kentucky Horseracing Commission (KHRC) passed emergency regulations allowing retail sports betting and online sports betting to launch on Sept. 7 and Sept. 28, respectively.
Kentucky regulation to fund problem gambling assistance account
As part of HB 551, a measure requires 2.5% of the tax dollars from sports betting to fund problem gambling support efforts.
The regulations specify standards for which groups, organizations, agencies and individuals can apply for funding and what responsible gambling programs can be launched.
According to Kentucky Today, Beshear said:
“This regulation establishes the process for providing funds to this account, to support agencies, groups, organizations, and persons, that are best able to help those who experience problem gambling.
The funds can also be used to promote both awareness and education to reduce and prevent problem gambling and pay for the costs associated with treatment and recovery.”
The governor also emphasized the emergency regulation complements the executive order he signed recently, creating the Sports Wagering Advisory Council. He said that the council will support carrying out the requirements they have under the law, in supporting “the integrity of sports betting.”
Kentucky sports betting revenue should produce desired revenue
GBeshear approved emergency regulations passed by the KHRC, allowing retail sports betting to launch on Sept. 7 and online sports betting to go live on Sept. 28.
Sept. 7 is also the day when the first game of the NFL season takes place.
During the first year of operation, Beshear expects sports betting legalization to generate $23-$24 million a year in revenue for the state.
Beshear said sports betting would generate desired revenue for the state: “It means more dollars for our pensions for hardworking law enforcement, for teachers, firefighters, and other public servants. These are investments that we all want, and those hardworking individuals deserve.”