Online betting is set to follow on 28 September, which BetMGM has pencilled in as an official launch date in the Bluegrass State.
Online sports betting GGR will be taxed at 14.25%. Licence fees cost $500k on top of a $50k annual renewal fee.
“Kentucky has a rich history in sports and a ionate fan base,” said BetMGM CEO Adam Greenblatt.
“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,” he added.
The company will also open a 5,200 square-foot retail BetMGM sportsbook at $75m gaming and entertainment facility Sandy’s Racing & Gaming in the autumn.Construction of Kentucky’s first quarter horse racetrack and equestrian centre will follow on 182 acres adjacent to Sandy’s, with the first races scheduled for 2025.
“We promised to bring a world-class facility to Ashland and wanted a world-class partner for online sports wagering across the Commonwealth and at our sportsbook lounge,” said Revolutionary Racing CEO Prentice Salter. “We’ve got that with BetMGM.”
BetMGM is the fourth operator to secure access in Kentucky after market leaders FanDuel and DraftKings confirmed partnerships earlier in the year. Caesars will also enter the state in combination with Keeneland and Red Mile Gaming and Racing.
BetMGM generated positive EBITDA in Q2 2023 and revenue of around $475m according to a trading update released by t owners MGM Resorts and Entain in July.
April’s US Sports Betting Market Monitor saw Eilers & Krejcik Gaming (EKG) explore whether Kentucky could become a potential goldmine for online operators.
