Kentucky Attorney General Andy Beshear has issued a statement on his web page regarding sports betting in the Bluegrass State along with an outline of how, if he becomes Governor, he aims to expand gaming for the benefit of residents, notably retirees.
He stated: “Kentucky can’t afford to fall behind our neighboring states who are moving forward with the rest of the country on expanded gaming. We lose out on hundreds of millions of dollars a year. As governor, I will work to legalize sports betting, casinos, fantasy sports and prepare for online poker, and use the revenue from these activities as a dedicated funding stream for our public pension system.”
The outline plan noted: “A Beshear/Coleman administration is committed to expanding gaming opportunities in Kentucky to support our pension funds. Gaming revenue will grow the economy and we will direct 100% of the tax revenue to fund the pension system for public servants like teachers and first responders. These new opportunities will include legalizing casinos, capitalizing on fantasy sports, sports betting, and preparing for online poker.”
According to the Attorney General, estimates show that Kentucky loses over $500m in tax revenue a year to neighboring states and less than 10 casinos could generate over $1.7bn in economic activity in their first year. “Indiana alone consistently nets hundreds of millions of dollars in revenue every year,” he said. “Additionally, more revenue staying in Kentucky also means more jobs created from building new resorts and attracting more tourism.”
On safer gambling, the Beshear/Coleman ticket said it is committed to expanding gaming in Kentucky in a responsible manner, working closely with non-profits and other resources that exist to help people experiencing addiction. “A Beshear/Coleman administration will ensure gambling addiction nonprofits and treatment centers are included in any conversations about expanded gaming and require all casinos and facilities offering gambling entertainment to dedicate a percentage of their net profits to funding treatment resources.”