A major legal sports betting operator is planning to launch in a new jurisdiction.
BetMGM has gained market access in Kentucky after securing a deal with Revolution Racing Kentucky – a real estate development group for horse racing and wagering facilities. The sportsbook, which is co-owned by gambling giant Entain, will offer both retail wagering and online betting sites in the Bluegrass State.
“Kentucky has a rich history in sports and a passionate fan base. Revolutionary Racing is an ideal partner, enabling us to deliver an entertaining and responsible gaming experience while investing in the state through job creation and tax revenue,” said BetMGM CEO Adam Greenblatt in a statement.
BetMGM is going live in Kentucky ahead of the upcoming 2023 NFL season. In July, the Kentucky Horse Racing Commission approved regulated wagering and will debut retail sports betting at the state’s racetracks on Sept. 7 — the same day the Kansas City Chiefs and Detroit Lions open the new NFL season. Mobile wagering in Kentucky will begin on Sept. 28.
In addition to BetMGM, the KHRC has approved licenses for Caesars, DraftKings, and FanDuel,
BetMGM and RRKY are planning to separate themselves from the rest of the pack in Kentucky with the opening of the BetMGM Sportsbook at Sandy’s Racing & Gaming in 2025. The 5,200-square-foot facility at Sandy’s Racing & Gaming will be near Kentucky’s first quarter horse racetrack and equestrian center. Sandy’s Racing & Gaming is expected to open later this year.
Building business
BetMGM has gained market access to more than 20 jurisdictions in America following the addition of Kentucky. The sportsbook has wagering licenses in states including Arizona, Illinois, Indiana, Louisiana, Maryland, Massachusetts, New Jersey, and New York — the largest online gaming market in the U.S.
BetMGM most recently went live in Massachusetts, which legalized mobile betting on March 10.
The growth has allowed BetMGM to exceed expectations. In FY2022, BetMGM reported $1.4 billion in net gaming revenue compared to a previous projection of $1.3 billion. In FY2023, Entertain expects net revenue from BetMGM’s operations to reach at least $2 billion.
