BetMGM has entered into a strategic market access agreement with Revolutionary Racing Kentucky (RRKY) to launch its online and retail sports betting platform in Kentucky. The partnership aims to capitalize on the upcoming legalization of sports betting in the state, offering both online and in-person wagering options.
Expansion Plans in Kentucky:
BetMGM, a prominent player in the sports betting industry, is set to open a 5,200 square-foot retail BetMGM Sportsbook at Sandy’s Racing & Gaming in Kentucky. The launch is scheduled for the autumn, aligning with the Kentucky Horse Racing Commission’s approval for sports betting to commence on September 7, coinciding with the start of the NFL season.
In addition to retail operations, BetMGM plans to provide online sports betting services as soon as the regulated market opens, subject to licensure and regulatory approval. This move is a significant step in the company’s strategy to establish a strong presence in states with legalized sports betting.
Revolutionary Racing’s Perspective:
Revolutionary Racing Kentucky (RRKY), the local partner in this venture, expressed enthusiasm about the collaboration. CEO Prentice Salter emphasized the company’s commitment to delivering a world-class facility in Ashland and identified BetMGM as the ideal partner for online sports wagering in Kentucky.
Construction Milestones:
The collaboration also paves the way for the construction of Kentucky’s first quarter horse racetrack and equestrian center, covering 182 acres adjacent to Sandy’s. This development is scheduled for completion in time for races in 2025, contributing to the overall growth of the region’s horse racing and gaming industry.
BetMGM’s Strategic Moves:
Apart from the Kentucky expansion, BetMGM is making strategic moves in Ohio by relocating its retail sportsbook from Great American Ballpark in Cincinnati to a venue at The Banks, Cincinnati’s new riverfront entertainment district. This relocation is part of BetMGM’s partnership with the Cincinnati Reds, indicating the company’s commitment to enhancing its physical presence in key markets.
CEO Statements:
BetMGM CEO Adam Greenblatt highlighted Kentucky’s rich sports history and passionate fan base, expressing excitement about partnering with Revolutionary Racing. He emphasized BetMGM’s commitment to delivering an entertaining and responsible gaming experience while contributing to the state’s economic growth through job creation and tax revenue.
Revolutionary Racing CEO Prentice Salter echoed this sentiment, emphasizing their dedication to providing a world-class facility in Ashland and praising BetMGM as the perfect partner for online sports wagering in Kentucky.
The collaboration between BetMGM and Revolutionary Racing Kentucky signifies a strategic move to capitalize on the burgeoning sports betting market in Kentucky. With plans for both online and retail operations, the partnership aims to offer a comprehensive and engaging sports betting experience to Kentucky residents and visitors alike. As the industry continues to evolve, BetMGM’s expansion into key states and its commitment to responsible gaming position it as a major player in the competitive landscape of sports betting in the United States.