BetMGM secures Kentucky market access via Revolutionary Racing deal
Operator to open 5,200 sq ft retail sportsbook and launch online app in Bluegrass State
BetMGM has secured a market-access deal to enter Kentucky in partnership with Revolutionary Racing Kentucky (RRKY).
Pending licensure and regulatory approval, BetMGM will offer its online sports betting app in the Bluegrass State via the partnership.
In addition, a 5,200 sq ft retail BetMGM Sportsbook will open this fall with RRKY at Sandy’s Racing & Gaming, a gaming and entertainment facility in Ashland.
Construction of Kentucky’s first quarter horse racetrack and equestrian center will follow on 182 acres adjacent to Sandy’s, with the first races starting in 2025.
“Kentucky has a rich history in sports and a passionate 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.”
Revolutionary Racing CEO Prentice Salter added: “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. We’ve got that with BetMGM.”
The Kentucky legislature greenlit the legalization of retail and online sports betting in March following a concerted push which coincided with the end of the 2023 legislative session.
The state is set to launch its regulated sportsbook market in time for the new NFL season, which begins on September 7, leaving a short window in which to license operators.
Under approved legislation, Kentucky’s nine licensed horse racetracks will be able to offer online and retail wagering, with each track able to engage with up to three online partners, resulting in as many as 27 operators.
Horseracing track operators would be required to pay an upfront fee of $500,000 for a license in addition to an annual renewal fee of $50,000, with license fees for online skins fixed at $50,000 and $10,000, respectively.
Adjusted gross revenue would be taxed at a 9.75% rate for retail operators, rising to 14.25% for online.
Kentucky has an age limit of 18 for sports betting and igaming, one of the lowest in the US, however it is understood BetMGM will only offer its sportsbook and icasino to individuals over the age of 21.