A new sports betting operator is coming to the Bluegrass State.
The Kentucky Horse Racing and Gaming Corporation unanimously approved a service provider license to Prime Sports, the first online sportsbook to partner with Churchill Downs, during Tuesday’s special meeting.
“It’s been a long time coming, and we’re glad we’ve finally gotten approved by Kentucky,” Prime executive chair Joe Brennan Jr. told Covers.
The Plannatech-run platform caters to all players but especially welcomes professional and sharp bettors with a promise to not limit winners. The online operator offers high limits, low juice, fast payouts, and person-to-person customer service.
“It’s just simple, basic, old-school bookmaking,” Plannatech COO Adam Bjorn told Covers in April.
Prime didn’t offer a specific launch date in Kentucky yet. With football season ending soon, Bjorn said they’ll likely wait until another big event, like March Madness, to go operational. He definitely hopes to launch in time for the 2025 Kentucky Derby in early May.
At that point, the online sportsbook will soon be operational in three U.S. markets, including New Jersey and neighboring Ohio.
Big bettor market
Before the NFL Week 14 action, a Kentucky bettor placed multiple wagers worth $3.1 million on the Philadelphia Eagles moneyline (-700) at Circa Sports, a soon-to-be competitor to Prime. The Eagles won a nail-biter over the Carolina Panthers, netting the Bluegrass State bettor over $442,000.
“One thing we know is that there’s a group of sharp bettors in the state that like to bet at serious stakes, and we think Prime can fit in well serving that part of the market,” Brennan said.
Circa offers a similar type of high-limit sportsbook as Prime. Since launching in May, Circa generated $10.8 million in wagers from May through October. However, the online operator has suffered a nearly $1.9 million adjusted revenue loss.
“It will be interesting to see how we fare alongside Circa in Kentucky, since this is the first state we’re both open in,” Brennan said. “That creates some really great options for players.”
Where sports betting thrives
Prime enters a thriving sports betting market. Kentucky recently reported a $274.9 million handle in October, putting the total amount wagered over $2.9 billion since Kentucky sports betting went live in September 2023. The Bluegrass State has hauled in more than $46 million from its excise tax.
Prime will also compete in the market against FanDuel, DraftKings, Caesars, BetMGM, ESPN BET, Fanatics Sportsbook, and bet365.
During their Tuesday meeting, Kentucky regulators also approved license renewals for all sportsbooks to operate in 2025.
