Turfway Park Racing & Gaming will join an exclusive club Thursday when it opens one of nine retail sportsbooks in Kentucky, the 37th state to legalize wagers on sporting events.
The opening promises to be grand, with two separate “first bet” ceremonies planned for Kentucky Lt. Governor Jacqueline Coleman and Senate Majority Leader Damon Thayer. But the business prospects for brick-and-mortar sportsbooks are surprisingly sparce.
The seven retail sportsbooks now operating in Greater Cincinnati combined for net revenue of only $426,915 in July, according to state records. Three of them made less than $3,500 after paying off bets and adjusting for promotional spending. And that doesn’t include Rising Star Casino, which is licensed to operate a retail sportsbook but has chosen not to since early 2022.
