Circa Sports announced Tuesday it has begun taking wagers in Kentucky through its mobile sports betting app, the fifth state where the Nevada-based sportsbook is in business.
Circa, which has partnered with Cumberland Run harness racing track based in Corbin, is also live in its home state of Nevada, along with Colorado, Iowa, and Illinois.
“We are thrilled to launch Circa Sports in the great state of Kentucky,” said Derek Stevens, CEO of Circa Sports, in a statement. “We’ve always had our sights set here as we know it is a major hub for college sports, horse racing and more. We are looking forward to providing Kentucky bettors with some of the best odds and expertise out there.”
Circa Sports is the eighth mobile sportsbook in the Bluegrass State, which launched with seven online operators Sept. 28. In its first six months of legal commercial wagering through February, Kentucky has generated $1.36 billion worth of wagers. Operators have had a robust 12.8% hold in that span, generating $173.3 million in gross sports betting revenue and $23.9 million in state taxes.
Can Circa grab a foothold in Kentucky?
Circa’s entrance into Kentucky is somewhat similar to its launch in Illinois last fall as the eighth mobile book to enter the state. The lone difference between two states in terms of who is conducting business is Kentucky has bet365 while Illinois has BetRivers.
Circa Sports has accepted $47 million worth of digital bets in Illinois through February, which is 0.7% of the $7 billion in wagers placed online in that span.
The challenge in Illinois is breaking into a mature market that is also among the top three in the United States, Circa’s high-limit, low-hold sports betting business model will be put to the test against operators who are still in the process of stratification in Kentucky. DraftKings and FanDuel have separated themselves — as expected — with 75% of the combined $1.3 billion mobile handle thus far, but the other five operators have market share ranging from nearly 2% for Fanatics Sportsbook to 7.2% for bet365.
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Cumberland Run has a retail sports book at The Mint Gaming Hall and generated $2.4 million in handle in its first six months since launching last September.
“We’re delighted to welcome Circa Sports to the Commonwealth as a sports-betting partner,” said Marc Falcone, co-owner of the ECL Corbin, LLC properties. “They allow us to offer another amenity to complement our existing gaming.”