Kentucky Gov. Andy Beshear Approves Problem Gambling Fund

Ahead of the launch of sports betting in Kentucky, Gov. Andy Beshear has signed emergency regulations. The regulations create the Kentucky Problem Gambling Assistance account. This will see funds allocated to focusing on problem gambling efforts in the Bluegrass State. The emergency regulations work in tandem with the Sports Wagering Advisory Council which was created via executive order.

Kentucky Prepares For Sports Betting Launch With Problem Gambling Efforts

The goal for both the problem gambling fund and the advisory council is to prepare Kentucky for the launch. Kentucky lawmakers have already stated they aim to be better than Ohio at handling the launch. Ohio famously had multiple sports betting scandals in the first few months following its launch.

“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,” said Beshear. “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 Kentucky Problem Gambling Assistance account with be built from sports betting tax revenue. The exact percentage that will be allocated is yet unknown. Sports betting is projected to generate more than $23 million in revenue for the first year according to Beshear. Looking at other markets, it can be expected for at least $1 million of the revenue will be placed in the account.

Kentucky Market Just Weeks Away

Kentucky sports betting apps will go live Sept. 28, with a Sep. 7 launch for retail locations. Gov. Beshear has signed this motion into law just weeks ahead of the market launch. This will prepare regulators for the incoming flux of wagers and potential problem gambling issues.

Kentucky has made efforts to ensure that the market runs smoothly with its launch. The Kentucky Horse Racing Commission has already moved to hire 14 employees that will focus on sports betting auditing. The commission has also already met with several operators ahead of the launch.

While there are only two confirmed sportsbooks launching, there are several more operators on the horizon who are also expected to launch. Kentucky has taken all the steps to bring a safe and successful sports betting market to fruition.