DraftKings has inked a strategic agreement with ECL Corbin, a wholly-owned subsidiary of ECL Entertainment, paving the way for DraftKings to enter the mobile sports betting market in Kentucky once regulatory approval is secured. The deal also includes plans for retail sportsbooks at Corbin properties, marking a significant move into the vibrant Kentucky sports betting landscape.
Key Highlights:
In-person sports betting in Kentucky is set to commence on September 7, coinciding with the start of the NFL season, while mobile operations are scheduled to launch on September 28, subject to regulatory approvals.
Seven of Kentucky’s licensed racetracks have submitted license applications to the Kentucky Horse Racing Commission (KHRC) to participate in sports betting activities.
DraftKings and Corbin are exploring the opening of retail sportsbooks at Corbin properties, including The Mint Gaming Hall Cumberland and Cumberland Run.
Kentucky would become the 22nd state where DraftKings introduces its mobile sportsbook and the 24th state overall with sports betting, reinforcing DraftKings’ widespread market presence.
Statements from Executives:
Matt Kalish, President of DraftKings North America, expressed enthusiasm for bringing DraftKings’ premier sports betting experience to Kentucky and thanked the Kentucky General Assembly and Governor Andy Beshear for their support.
Marc Falcone, Co-Managing Partner of ECL Corbin, highlighted the excitement surrounding the collaboration with DraftKings, a leading sportsbook operator in the country.
Financial Overview:
In its recent financial results for the quarter ended June 30, DraftKings reported robust revenue of $874.9 million, marking an impressive 87.7% increase compared to the same period last year.
Adjusted EBITDA turned positive at $72.97 million, a significant improvement from the $118.1 million loss reported for the same period in the previous year.
DraftKings’ strategic move into the Kentucky market aligns with its commitment to sustained growth, innovation, and responsiveness to the evolving dynamics of the sports betting industry.
BetMGM’s Entry into Kentucky:
In a parallel development, BetMGM has also secured a market access agreement with Revolutionary Racing Kentucky (RRKY) to bring its online and retail sports betting platform to Kentucky.
BetMGM and RRKY plan to open a 5,200 square-foot retail BetMGM Sportsbook at Sandy’s Racing & Gaming in the coming months, enhancing the sports betting offerings in the state.
DraftKings’ collaboration with ECL Corbin positions the company strategically in the dynamic Kentucky sports betting market, providing sports fans with a premier mobile sports betting experience. As DraftKings and BetMGM set their sights on Kentucky, these developments underscore the continued expansion and competitiveness within the U.S. sports betting landscape, offering exciting prospects for industry participants and enthusiasts alike.