High-Limit Sportsbook Prime Sports Granted Online Licensure in Kentucky Through Churchill Downs' Platform
Prime Sports Secures Licence to Enter Kentucky Market, Positioning Itself as a High-Roller Contender
The Kentucky Horse Racing and Gaming Corporation (KHRGC) has granted an online sports betting license to Prime Sports, marking the company's entrance into the state. This makes Prime the first sportsbook to partner with Churchill Downs in this venture.
At a Tuesday meeting, the KHRGC unanimously approved Prime's license, signifying its initiation in Kentucky. Adam Bjorn, the Chief Operating Officer of the Plannatech platform powering Prime, expressed an intention for the sportsbook to launch in Kentucky during significant events like March Madness, with a focus on going live before the 2025 Kentucky Derby.
Prime Sports prides itself on catering to high-limit players, a sector it claims other sportsbooks often fear to serve due to win concerns. The sportsbook asserts that it offers the markets, limits, and service preferred by bettors, representing a return to "simple, basic, old-school bookmaking."
In a strategic move, Prime responded to a bettor's complaint about limitation or banning from betting over $200 on other platforms like DraftKings and FanDuel, promising not to restrict winners. Circa Sports Director of Operations, Jeffrey Benson, made a similar statement in November, stressing that his brand would never cut off bettors. Circa, like Prime, operates in the high-limit betting sector, although it posted a near $1.9 million adjusted revenue loss from May to October 20XX.
Joe Brennan Jr, Prime's Executive Chair, expressed enthusiasm about the upcoming competition in Kentucky, saying it would be interesting to see how Prime fares alongside Circa. A Kentucky bettor placed $3.1 million in wagers via Circa Sports on the Philadelphia Eagles' moneyline against the Carolina Panthers, netting over $442,000 when the Eagles emerged victorious.
Brennan also emphasized that the Kentucky license has been a long-awaited milestone for Prime, and its imminent launch in the state provides "some really great options for players." He added that Prime aims to cater to a niche of serious bettors in Kentucky who prefer high-stakes gambling.
While Prime is already operational in New Jersey and Ohio, its specific market approach in Kentucky remains to be seen. Given its focus on high-limit gambling, it is expected to target professional or high-stakes bettors in the state, much like Circa Sports, which has been active and well-received in Kentucky.
In response to the KHRGC's approval, Prime Sports plans to delve into the Kentucky market, intending to offer their financial services to high-limit sportsbetting enthusiasts, particularly focuses on football and other major sports events, such as March Madness and the Kentucky Derby. The entry of Prime Sports in the Kentucky market is anticipated to bring a new level of competition, as it aligns with brands like Circa Sports that already cater to high-stakes gambling.
