Sports Betting Collection to Cover Pensions

Sports Betting Collection to Cover Pensions

Last updated on January 12th, 2019 at 12:41 am

Any pay per head bookie will tell you that sports betting does make one earn a lot. In the US, the growing market could go as high as $150 billion. And this amount is before the PASPA reversal last May 2018. The numbers from gambling news resources are actually closer to around $67 billion per year. And if Kentucky’s attorney general can get his proposal into law. Then Kentucky will be one of the states to profit off sports betting.

Andy Beshear, the Attorney General for Kentucky is one of those in public office who believe that sports betting can pave the way for increased funding for the state. To be specific, he is eyeing funding for the debt problem with the pension obligation of Kentucky. The state may need from $39 to $70 billion in the next 3 decades to be able to pay for the pensions of public workers such as state employees, firefighters, teachers, and the like.

Sports Betting in Kentucky

AG Beshear’s correspondence to the legislators of Kentucky asks them to consider looking at the expansion of gambling and sports betting in the state. This means amending current laws that only allow for horserace pari-mutuel betting. Another concern that Beshear raises: citizens travel out of state to gamble, incurring a loss of over $1 billion annually that the state could benefit from instead.

The goal, Beshear says, will create a stream of revenue that will be solely for pensions, and do this without having to raise taxes in Kentucky.

As for Kentucky legislators, this issue is also under discussion. Dennis Keene, representative, has a BR15 draft bill that will allow sportsbooks to operate in the state. This will be under the supervision of the Kentucky Lottery Corporation. And if this fails, Beshear has ambitions to run for office as governor in the next elections. And if he wins, he can fight for the cause better.