FRANKFORT, Ky. (6/29/13) - Kentucky State Treasurer Todd Hollenbach appeared on Thursday before the Interim Joint Appropriations and Revenue Committee to answer lawmakers questions about the resolution approved by the Lottery Board at its March 22nd meeting. The resolution allows the Board to begin offering Keno games and internet lottery sales starting in November. The Treasurer is an ex officio member of the Kentucky Lottery Board.
In his opening remarks, Treasurer Hollenbach told the committee “I believe it is our duty as board members to maximize the opportunity for dividends from the lottery for the betterment of the Commonwealth. My purpose in taking this action to expand into Keno and internet lottery sales was simply one small effort to help our fiscally starved state and provide a resource for our governor and legislature to move us forward.”
Treasurer Hollenbach introduced a presentation by the Lottery Board that outlined the Keno gaming operation and internet lottery sales projections. The Board estimates sales from Keno will be $53 million in the first full year yielding $15-million in dividends. In five years sales are expected to grow to $110-million with $30-million in dividends.
A & R Committee member Representative Jim Wayne of Louisville applauded the creative efforts of Treasurer Hollenbach in leading the board to find new sources of revenue. He also praised the Lottery Board for its dedication to gambling addiction prevention.
Information provided by Kentucky Department of Treasury
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