The sports betting landscape in Kentucky is taking shape. A third operator has confirmed it will launch a Kentucky platform.
In a press release, BetMGM said it plans on being one of the operators in the Kentucky sports betting market. The Las Vegas-based gaming giant joins Caesars Sportsbook and FanDuel as the three operators with concrete Kentucky plans.
Kentucky launch comes as company becomes profitable
The announcement came as sort of a footnote in the press release regarding BetMGM’s earnings in the first half of 2023, specifically in quarter two. It mainly focused on the company’s profitable second quarter and earnings of $944 million for the first half of 2023.
After stating the company was still on track for its profitable second half of 2023, the company released its intentions of a BetMGM Kentucky platform.
“(This) includes investment in upcoming launches in Kentucky and North Carolina that were not originally planned in 2023,” the company wrote in the press release.
The company added that from this point forward, it should become self-sustaining as it already reached profitability in the second quarter. It noted that no additional funds should be needed from either of its parent companies, MGM Resorts and Entain.
BetMGM CEO Adam Greenblatt said he expects between $1.8 and $2 billion in revenue for 2023.
Still in the dark about a partnership
Unlike Caesars Sportsbook and FanDuel, we have no idea which Kentucky brick-and-mortar venue BetMGM will partner with.
Keeneland and Red Mile partnered with Caesars to ensure that Caesars Sportsbook Kentucky will be available. While Churchill Downs committed to backing FanDuel Kentucky.
On the other hand, BetMGM hasn’t released any information about its partner.
Signs may point to a partnership with Sandy’s Racing & Gaming, a new venue in Ashland set to open in October.
Revolutionary Racing owns Sandy’s in a joint venture with the Eastern Band of Cherokee Indians. Revolutionary Racing COO John Marshall told PlayKentucky its sports betting partner is “a big name you would recognize.”
Since Caesars and FanDuel are already taken, that leaves BetMGM and DraftKings.
Although it’s expected, DraftKings hasn’t announced intentions to launch. Additionally, it already has an existing relationship with Churchill Downs Inc. for its horse racing app. So DraftKings Kentucky could end up with CDI.
By process of elimination, that leaves BetMGM. But regardless of who it is, a partnership announcement should be coming soon.