BetMGM Sportsbook last week signaled that it plans to be one of the operators in the new Kentucky sports betting market.
Kentucky plans to launch retail sports betting on Sept. 7 and online sports betting on Sept. 28.
This announcement from BetMGM Sportsbook brings the tally of confirmed Kentucky sports betting operators up to three. With a total of three online operators allowed for each of the state’s nine racetracks, more partnership announcements are likely to follow.
BetMGM’s confirmed its intention to enter the Kentucky market in a small bullet point within a larger press release. The release focused primarily on the company’s revenue reporting from the first half of the year, and reaching profitability in the second quarter.
Details Unclear about BetMGM Kentucky Plans
BetMGM said in the press release on July 26 that its plans for the second half of 2023 “[i]ncludes investment in upcoming launches in Kentucky and North Carolina that were not originally planned during 2023.”
So far, however, we don’t have any other details on a BetMGM Kentucky launch. We don’t know yet which Kentucky brick-and-mortar venue will partner with BetMGM.
However, one venue has signaled it will sign with a large partner, and some expect that may be BetMGM. Revolutionary Racing’s COO John Marshall told PlayKentucky that its sports betting partner is “a big name you would recognize.” The company owns a new venue called Sandy’s Racing & Gaming that is set to open in Ashland in October.
Update on Kentucky Sports Betting Progress
In early July, the Kentucky Horse Racing Commission (KHRC) announced the Sept. 7 launch date for retail betting, in time for the 2023 NFL kickoff. The online sports betting launch will happen a few weeks later on Sept. 28.
Since that announcement, the KHRC has been focused on applications and licensing to prepare for the launch.
So far, Caesars Sportsbook and FanDuel have announced Kentucky sports betting retail partnerships.
Caesars sealed a deal with Red Mile and Keeneland for mobile sports betting and will build a retail Caesars Sportsbook at the Red Mile track.
FanDuel announced a partnership with Churchill Downs.
BetMGM Kentucky Bonus Code Expected to be Available
BetMGM has launched with a great welcome offer in every state, and Kentucky bettors can expect the same.
It will likely feature a welcome offer similar to one it has available in other states, though it’s possible they switch it up or sweeten the pot for Kentucky sports bettors.
Currently, with the BetMGM bonus code ROCKYBET, new users can get up to $1,000 in bonus bets. The way the promo works is that if you lose your first bet on BetMGM, you will receive a refund in the form of bonus bets equaling the amount lost – up to $1,000.
Responsible Gaming in Kentucky
Last week, Gov. Andy Beshear signed emergency regulations setting up a Kentucky Problem Gambling Assistance account.
Kentucky’s sports betting bill HB551 included a requirement that 2.5% of tax dollars generated through sports betting be used to fund problem gambling support. Gov. Beshear’s regulations outlined standards for what organizations and groups can apply for funding and what types of programs can be launched in Kentucky.
Kentucky lawmakers have estimated sports betting could bring $23-$24 million per year in tax revenue. That would equal around $585,000 in funds for problem gambling programs annually.
