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Kentucky Revised Statutes Title XIX. Public Safety and Morals § 230.817.Sports wagering administration fund; purposes and uses; quarterly reports

Current as of January 01, 2025 | Updated by Findlaw Staff

(1)(a) There is hereby established in the State Treasury a restricted account to be known as the sports wagering administration fund. The fund shall consist of moneys received from the moneys collected under KRS 138.552, 230.811, and 230.814 and state appropriations.

(b) 1. The amounts deposited in the fund shall be used as follows:

a. Ten percent (10%) of the receipts shall be distributed to the Kentucky Horse Racing and Gaming Corporation for the administration and operation of the corporation. The corporation shall prepare and submit a quarterly report to the Legislative Research Commission for referral to the Interim Joint Committee on Licensing, Occupations, and Administrative Regulations or to the Senate Standing Committee on Licensing and Occupations and the House Standing Committee on Licensing, Occupations, and Administrative Regulations, as appropriate, which includes the amounts received as well as the expenditures against those funds. This information shall also be included in the corporation's annual report required by KRS 230.225; and

b. Two and one-half percent (2.5%) of the funds shall be deposited in the Kentucky problem gambling assistance account established in KRS 230.826.

2. The remaining funds shall be deposited in the Kentucky permanent pension fund established in KRS 42.205.

3. Any interest accruing to the fund shall become a part of the fund and shall not lapse.

(2) Notwithstanding KRS 45.229, fund amounts not expended at the close of a fiscal year shall not lapse but shall be carried forward into the next fiscal year.

(3) Moneys deposited in the fund shall be:

(a) Used for the purposes set forth in this section; and

(b) Distributed as they are received on a rolling basis.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XIX. Public Safety and Morals § 230.817.Sports wagering administration fund; purposes and uses; quarterly reports - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xix-public-safety-and-morals/ky-rev-st-sect-230-817/

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