BetMGM and Revolutionary Racing Kentucky (RRKY) have partnered for a new market access agreement.
The agreement will see BetMGM offer its online and retail sports betting platform to Kentucky’s market, once sports betting becomes legalized in the state.
Retail sports betting will go live on September 7, followed by online betting on September 28.
In addition, a 5,200 square foot BetMGM-branded sportsbook will be built at Sandy’s Racing and Gaming, a $75.0m gaming and entertainment facility owned by RRKY.
“Kentucky has a rich history in sports and a passionate fan base,” said Adam Greenblatt, CEO of BetMGM. “Revolutionary Racing is an ideal partner, enabling us to deliver an entertaining and responsible gaming experience, while investing in the state through job creation and tax revenue.”
Kentucky sports betting
In June this year, Sandy’s Racing and Gaming announced it was in “final negotiations” for a sports betting partner.
Prentice Salter, CEO of RRKY said that BetMGM met the requirements it was looking for with a sportsbook.
“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,” said Salter. “We’ve got that with BetMGM.”
The go-live date for sports betting in Kentucky was agreed last month. It was agreed by Governor Andy Beshear, the Kentucky Horse Racing Commission and lawmakers in the state.
This followed the passage of House Bill 551 in April, which was signed into law by Governor Beshear.
Under the bill, nine racetracks are eligible to provide retail sports betting. All racetracks will be allowed to pair up with a maximum of three online operators.
There will also be a two-tier system for taxes. Online operators must pay tax of 14.25% on gross gambling revenue. Meanwhile, retail operators will have to pay 9.75%.