Kentucky gamblers will get to bet on sports later this year. But which online sportsbooks will be available for Kentuckians to choose from?
The Kentucky sports betting legislation signed by Gov. Andy Beshear at the end of March gave the state’s nine horse tracks and the Kentucky Speedway the right to operate a brick-and-mortar sportsbook.
Additionally, those venues could partner with up to three companies for their online sports betting operations. Therefore, there could be up to 30 online sportsbooks in Kentucky.
However, that’s not a likely outcome. Based on what happened in other states, it’s incredibly unlikely that all 30 online licenses will be awarded.
For example, Maryland allowed for up to 60 online sportsbooks. There are currently 10 online sportsbooks in the state.
Here’s how PlayKentucky ranks the likelihood of each online operator entering the Bluegrass State.
See you at launch
Caesars Sportsbook
Well, this is a short and easy category to write. There’s only one sportsbook currently guaranteed to be available in Kentucky.
Last month, Caesars announced a sportsbook partnership with Keeneland and Red Mile. Both horse tracks are owned by the Keeneland Association and are located in Lexington.
As a result, Caesars will operate a retail sports betting operation at Red Mile. Furthermore, a Caesars Sportsbook Kentucky app will be available to eligible bettors.
There was one wrinkle around the partnership. Despite Kentucky law allowing anyone 18 and up to bet on sports, Caesars will only accept wagers from bettors older than 21.
Likely to be licensed
FanDuel Sportsbook
The Flutter-owned FanDuel is just too big of a brand not to be in Kentucky. I will always assume that FanDuel will enter any emerging U.S. market. Learn more by following the link to our dedicated FanDuel Sportsbook Kentucky review page.
There are some other details that also point to them being in the mix.
FanDuel’s horse racing product, FanDuel Racing, is already available to Kentucky bettors. Maybe more importantly, they already have a horse racing partnership with Churchill Downs. Churchill Downs is the largest horse track in the state, and will certainly look for a sports betting partner.
DraftKings Sportsbook
The entire section about FanDuel could almost be copied and pasted into the section about DraftKings Sportsbook.
The Boston-based company has arguably become the biggest name in U.S. sports betting, making them a contender in any market. They also have a Kentucky racebook and a partnership with Churchill Downs.
But what makes them a slam dunk to be a major player is their willingness to take bets from 18-20-year-olds in Kentucky. The other major operators will likely follow Caesars’ lead, only taking bets from those 21 and up in Kentucky.
On the other hand, DraftKings has said they will adhere to the local laws. New Hampshire allows 18-year-olds to sports bet, and DraftKings is the state’s only operator.
The bigger question is whether DraftKings or FanDuel will get the highly-coveted Churchill Downs sports betting partnership.
BetMGM
MGM and Caesars are the two major land-based casino brands able to gain traction in the online betting industry.
Compared to the other three brands already mentioned, there is much less of a reason to think BetMGM will launch in Kentucky. But these are two of the biggest operators so don’t count out the possibilities of a Caesars or BetMGM Kentucky Sportsbook just yet.
Most likely will have a Kentucky presence
Bet365
Bet365 Sportsbook is still relatively unknown to American bettors, unlike the big four US brands. Their presence is much bigger in Europe.
But the company is pushing for US expansion and we’ve previously reported Bet365 would be a perfect fit for Kentucky. The company only operates in four states right now, but two of them border Kentucky, making the state a prime candidate for Bet365.
Barstool Sportsbook
The Barstool brand is popular among a younger audience. Luckily for the PENN Entertainment-owned sportsbook, Kentucky gives it a chance to succeed because of that.
Barstool founder Dave Portnoy creates plenty of content about the Kentucky Derby. On its face, that doesn’t mean much. But it’s hard to fathom a world where Portnoy makes his annual trip to Churchill Downs and doesn’t use it to promote his own sports betting operation.
BetRivers
Most of the reason I think Rush Street Gaming’s online sportsbook will take a crack at Kentucky is the company’s presence in neighboring Virginia.
There’s a Rivers Casino in Portsmouth, and BetRivers is available to Virginians. Additionally, BetRivers serves the Illinois market, which borders Kentucky to the north.
BetRivers might not get the biggest piece of the market, but they will probably be there.
Flip a coin for these operators
These three operators have good name recognition. But they lack a solid reason to believe they’ll be better than 50-50 to secure a partnership in Kentucky.
- WynnBet
- Hard Rock Sportsbook
- Fanatics (formerly PointsBet)
Like BetRivers, WynnBet operates in several neighboring states. But the lack of a land-based commitment to those markets makes me question how much that matters. The same goes for Hard Rock.
Fanatics recently acquired PointsBet and is seeking to expand into more states before the start of NFL season. But until I see concrete moves, I can’t give them better than a coin flip’s chance in Kentucky.
Unlikely to take bets in Kentucky
Kentucky isn’t a small market, but it’s not huge. Gaming analysis firm Eilers & Krejcik projects the market to generate $190 million in annual gross gaming revenue once it matures.
Thus, it’s hard to see these companies fight for a tiny piece of that pie:
- Unibet
- Betfred Sports
- SI Sportsbook
- Bally Bet
- Golden Nugget
