FRANKFORT, Ky. (June 27, 2013) — Kentucky State Treasurer Todd Hollenbach answered questions Thursday about an expanded gaming resolution approved by the Kentucky Lottery Board at its March 22 meeting.
Hollenbach, ex officio member of the lottery board, appeared before the Interim Joint Appropriations and Revenue Committee to explain the resolution, which allows the lottery board to begin offering Keno games and Internet lottery sales starting in November.
“I believe it is our duty as board members to maximize the opportunity for dividends from the lottery for the betterment of the commonwealth,” Hollenbach said in his opening comments. “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.”
Hollenbach outlined the Keno gaming operation and Internet lottery sales projections. The lottery 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, Rep. Jim Wayne of Louisville, applauded the Hollenbach’s efforts in leading the board to find new sources of revenue. He also praised the lottery board for its dedication to gambling addiction prevention.