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Ripping Off the General Fund
By treating slot gaming as pari-mutuel wagering on horse racing, Kentuckians are cheated out of revenue.
Two billion dollars in wagering has produced only eight million dollars in state revenue.
Under KRS 138.510, an excise tax is levied on all money wagered on historical horseraces at the rate of 1.5%. The State General Fund receives only about .5% after reductions of .75% for the Thoroughbred Development Fund for purses (KRS 138.510(1)(c)1.), 0.2% for the equine industry program trust for the University of Louisville (KRS 138.510(1)(c)4.), and 0.1% for the trust for the purchase of equipment for equine programs at the state universities (KRS 138.510(5)(a)).
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