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BetMGM Partners with Revolutionary Racing for Legal Kentucky Sports Betting

by Dave Schwab - 8/14/2023

Kentucky basketball

Retail sports betting in Kentucky is legal and regulated on Sept. 7 this year. BetMGM  Sportsbook and Revolutionary Racing can operate a retail sports betting in Sandy’s Racing & Gaming in Ashland. BetMGM was the second sports betting operator to announce plans for building a retail venue in Kentucky

On Sept. 28 in that state, BetMGM online sportsbook’s mobile betting app and website will go live all across Kentucky. Under the agreement with Revolutionary Racing, BetMGM will launch its online sports betting platform ahead of Week 4 of the NFL regular season and Week 5 of SEC college football in the state.

Retail and online sportsbooks was approved in the Bluegrass State on March 31, 2023 under the guidelines for the Kentucky Horse Racing Commission. There are 14 horse racing tracks and other gaming locations that will open retail sportsbooks on Sept. 7. Online sportsbooks will open three weeks later and, in addition to BetMGM, there are other sports betting operators including bet365, Betfair, Caesars Sportsbook, Circa, DraftKings, Fanatics, FanDuel and WynnBET.

BetMGM CEO Adam Greenblatt commented recently in a company statement:

“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 experience while investing in the state through job creation and tax revenue.”

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BetMGM Sportsbook at Sandy’s Racing & Gaming

The retail BetMGM Sportsbook will be a 5,200 square-foot facility at Sandy’s Racing & Gaming venue. The sports game’s viewing area will be situated in the sportsbook with easy access to the main betting window and betting kiosks in the bar and restaurant.

Sandy’s also has Historical Horse Racing (HHR) machines equivalent to slots. An outside 182-acre area adjunct to the venue will be a quarter horse race track and equestrian center that will be called Sandy Ridge. The competitive horse races at the track are scheduled to debut in 2025. The final price tag is $75 million for Sandy’s Racings & Gaming including the BetMGM Sportsbook.

Revolutionary Racing CEO is Prentice Salter. He recently said in the company press release:

“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.”

Legal Sports Betting in Kentucky

Under the approved plan by the Kentucky Horse Racing Commission, only the state’s nine horse racing tracks are eligible to apply for licenses to operate sports betting, both retail and online. Sports bettors must be 18 and older. Retail sports wagers have an excise tax of 9.75% and online sports bets will have a rate of 14.25%

Sportsbook tax revenue from Kentucky sports betting will primarily go to state employee pensions with a small amount going to bettors with gambling problems. Kentucky Governor Andy Beshear anticipates that $23 million a year in tax revenue will be raised.

Kentucky’s neighboring states that have sports betting are Tennessee and Virginia. North Carolina has legal online sports betting sites scheduled for early in 2024.

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