DraftKings signs deal to enter Kentucky sports betting market
DraftKings has signed a deal with ECL Corbin.
US.- DraftKings has reached an agreement with ECL Corbin, a wholly-owned subsidiary of ECL Entertainment, to enter the mobile sports betting market when it becomes legal in Kentucky. It still requires licensure and regulatory approvals.
In-person sports betting will launch in Kentucky on September 7, when the NFL season begins. Mobile operations will start on September 28. The Kentucky Horse Racing Commission (KHRC) has received licence applications from seven of the state’s licensed racetracks.
In addition to offering mobile sports betting, DraftKings and Corbin intend to open retail sportsbooks at Corbin properties, such as The Mint Gaming Hall Cumberland and Cumberland Run. The launch would make Kentucky the 22nd state where DraftKings is live with its mobile sportsbook and 24th overall with sports betting.
Matt Kalish, president of DraftKings North America, said: “Together with the Corbin properties, we’re excited to bring our premier sports betting experience to yet another state and its sports fans. We want to thank the Kentucky General Assembly for passing legislation and Governor Andy Beshear for his support of sports wagering as we look forward to launching our sportsbook product during a busy football season, pending licensure and regulatory approvals.”
Marc Falcone, co-managing partner along with Ron Winchell for ECL Corbin, added: “The Corbin properties are truly excited to work with DraftKings, one of the country’s leading sportsbook operators. This will be a great relationship for both companies.”
Earlier in August, DraftKings reported financial results for the quarter ended June 30. The company reported revenue of $874.9m, up 87.7 per cent compared to the same period last year. Adjusted EBITDA turned positive at $72.97m, in comparison to a loss of $118.1m for the same period last year.
The loss from operations improved to $69m, a 77 per cent change year-over-year. Net loss dropped by 64.4 per cent to $77.3m. The operator ended Q2 with $1.1bn of cash and cash equivalents, an increase of $26m compared to the end of Q1.
BetMGM signs deal with Revolutionary Racing Kentucky
BetMGM and Revolutionary Racing Kentucky (RRKY) have announced a new market access agreement allowing BetMGM to bring its online and retail sports betting platform to Kentucky when legal sports betting launches in the state. The companies will open a 5,200 square-foot retail BetMGM Sportsbook at Sandy’s Racing & Gaming in autumn.
BetMGM will offer online sports betting capabilities as soon as Kentucky’s regulated market opens, pending licensure and regulatory approval. Construction of Kentucky’s first quarter horse racetrack and equestrian centre on 182 acres adjacent to Sandy’s is scheduled in time for races in 2025.
