LOUISVILLE, Ky. — Now that March Madness is wrapping up, Kentucky is getting a first look at how people took advantage of sports betting during the tournament.
It was the first year Kentuckians could bet on the NCAA Tournament since sports betting opened last September.
In a Team Kentucky update on Thursday, Lt. Gov. Jacqueline Coleman said their early numbers show more than 2.5 million individual bets were placed in Kentucky, in the men's tournament.
It resulted in a total of more than $57.7 million. However, that's the total amount of money bet.
The state's revenue is only a portion of that.
"In just seven months, sports wagering tax revenue is already beating predictions, and it continues to be an entertainment source Kentuckians enjoy," Coleman said. "Tax revenues from sports wagering support the Kentucky permanent pension fund, which frees up money for our general fund money that can be used to help build a better Kentucky and that is a win-win for the whole state."
The sports bets for March Madness were a combination of online and retail betting.
Kentucky charges a nearly 10% tax on bets placed in person and more than 14% tax on wagers placed online.
While much of the tax money eared from sports getting goes to the state's pension fund, a portion also goes to support gambling addiction counselors.
If you or someone you know is addicted to gambling, the national hotline is 1-800-662-4357. You can also call 1-800-GAMBLER (1-800-426-2537).
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