FRANKFORT, KY (WOWK)—Kentucky Gov. Andy Beshear signed into law a bill that legalizes sports betting in the commonwealth.
The signing of House Bill 551 makes Kentucky the 38th state to legalize sports betting.
Beshear says that legalizing sports betting will generate an estimated $23 million annual increase in revenue that will be dedicated to the Kentucky permanent pension fund. 2.5% of the earnings will go to the problem gambling assistance account.
The bill also establishes new excise taxes on sports betting, which include 9.75% on the adjusted gross revenues on wagers made at a licensed facility and 14.25% on wagers placed online or on a smartphone.
“Now, after years of urging action, sports betting is legal in Kentucky. We finally did it! Today’s result shows that hard work pays off,” Gov. Beshear said. “Kentuckians will soon be able to place their bets here, and for the first time, we are going to keep those dollars here to support our economy and communities.”
The law will go into effect in June.