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In an effort to increase the state of Kentucky’s sports betting options, BetMGM and Revolutionary Racing Kentucky (RRKY) have teamed together. With this deal, BetMGM pledges to serve the Kentucky market with its online and retail sports betting platform whenever the state legalizes sports betting.
BetMGM is positioned to quickly benefit from the new legal environment with the debut of retail sports betting on September 7 and the beginning of online betting on September 28. Sandy’s Racing and Gaming, a venue for entertainment operated by RRKY, will get a brand-new, 5,200 square foot sportsbook from BetMGM as part of this relationship. Both keen sports fans and bettors are expected to visit this key spot.
The CEO of BetMGM, Adam Greenblatt, underscored the historical importance of Kentucky’s sports culture and the state’s fervent fan base. Greenblatt also emphasized the importance of BetMGM’s partnership with Revolutionary Racing in enabling it to guarantee consumers an enjoyable and responsible gambling experience. This collaboration also supports BetMGM’s objective to encouraging employment growth and raising tax income for the state.
The choice of BetMGM as a partner meets the strict requirements established by RRKY for a sportsbook partner, according to RRKY CEO Prentice Salter. In expressing his happiness with the partnership, Salter highlighted BetMGM’s status as a “world-class partner for online sports wagering.” The partnership’s launch coincides with the day that Governor Andy Beshear, the Kentucky Horse Racing Commission, and legislative stakeholders worked together to set as the official launch date for sports betting in Kentucky.
With the passing of House Bill 551 in April and Governor Beshear’s subsequent signing of the legislation into law, Kentucky’s legal sports betting environment began to take form. Nine racetracks will now be able to provide retail sports betting thanks to this law. The number of online operators that each racetrack may work with at one time is three. The regulatory framework also institutes a two-tiered tax structure, with retail operators paying 9.75% and internet operators paying 14.25% of their total gaming revenue in taxes.