BetMGM has a new market access agreement with Revolutionary Racing Kentucky, which allows BetMGM to bring its online and retail sports platform to the state of Kentucky when legalized sports betting launches there.
The companies together will also open a retail BetMGM Sportsbook at Sandy’s Racing & Gaming in Ashland, Kentucky.
BetMGM CEO Adam Greenblatt said, "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 gaming experience, while investing in the state through job creation and tax revenue."
BetMGM is now positioned to offer its online sports betting services as soon as Kentucky’s regulated market opens, pending licensure and regulatory approval.
The companies are also planning to open a 5,200-square-foot retail BetMGM Sportsbook at Sandy’s Racing & Gaming. It will be a $75m gaming and entertainment facility. Next to Sandy’s, Kentucky’s first quarter horse racetrack and equestrian center will be built, with the first races slated for 2025.
Revolutionary Racing CEO Prentice Salter said, "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."
BetMGM recently released a business update for the first half of 2023, reporting $944m in net revenue.
Barry Gibson, Entain Chairman (which owns half of BetMGM), exclusively told Gaming America, “I’m delighted that it's making continuing progress. We see ourselves moving into cash positive in terms of profitability for the second half of the year. In fact, for the second quarter, we moved into profitability, which is a really big milestone to get to."
