Caesars scored two firsts within two weeks.
The company was the first operator to join Maine’s marketplace and is now the first to do so in Kentucky, though the actual debut is months away. When it does, Caesars will operate brick-and-mortar sportsbooks in Keeneland and Red Mile Gaming & Racing, both near Lexington.
Caesars’ standalone horse betting app came online at the end of last year.
“Keeneland’s venture with Caesars Sportsbook holds exciting potential and furthers our mission to introduce new audiences to horse racing,” Keeneland President and CEO Shannon Arvin said in a press release May 16. “Caesars is a globally respected brand, and we value their commitment to racing and their expertise in sports wagering.”
Under Kentucky’s sports betting law which takes effect June 1, each of the state’s nine tracks can open a retail sportsbook and partner with as many as three mobile operators, according to Sports Handle. The Kentucky Horse Racing Commission regulates the industry, where the minimum age is 18, three years less than most other states.
Kentucky also contains the most profitable legal assemblage of Historical Horse Racing (HHR) machines in the U.S.
While Caesars is the first sports betting operator to announce its entry point in Kentucky, it won’t be the last. A spokesperson for FanDuel confirmed that Churchill Downs Inc. (CDI), will be its market access partner, without elaborating.
Also with few details, the operator of Monmouth Park race track in New Jersey, said he expects Caesars to hold a groundbreaking by the end of summer on a new sportsbook.
In other Monmouth news, MonmouthBets, the first legal and regulated mobile app for fixed-odds New Jersey horse betting, went live this month, just as the race season begins. In May 2022, Monmouth started taking fixed-odds bets on horses, becoming the first track in the state to do so.
“We’re excited about the prospect of being able to offer fans the ability to wager online, as easily and conveniently as they now do with sports betting, through this innovative app for fixed odds horse racing,” Dennis Drazin, chairman and CEO of Darby Development said in a statement. “We believe it will attract new customers, drive growth and increase handle significantly.”
State sports betting regulations allow Monmouth Park to partner with three online sportsbook operators, or skins. Caesars (formerly William Hill) and BetRivers (Rush Street Interactive) operate sportsbooks in New Jersey under Monmouth’s sports betting license. MonmouthBets, provided by BetMakers Technology Group, is the third, according to PlayNJ.
“With last year’s retail offering setting the foundation, we are excited and honored to bring fixed odds betting to horseplayers through our MonmouthBets digital platforms,” BetMakers CEO Jake Henson said in a press release.
The track’s retail sportsbook netted just under $3.3 million in revenue last year, according to state data. The three online skins reported almost $17.1 million in 2022.
Since 2018, sports betting at Monmouth Park and through its online partners has generated more than $124.4 million. The reported $34.7 million of revenue in 2021 was the track’s highest annual take.
Caesars bought out William Hill’s U.S. sports betting operations in 2021 for $4 billion. It began phasing out the Hill brand last year.
