Old-school bookmakers are few and far between, but we are seeing a few sports betting industry veterans jumping into the retail and mobile sports betting game, and Prime Sport is one of them.
Prime Live in the Bluegrass State
Earlier last week, Prime Sports expanded its footprint to three states after launching in Kentucky and joining its fiercely competitive mobile sports betting market. The company has already launched in Ohio and New Jersey and gained access to the Kentucky market through an agreement with Churchill Downs.
In not even two years, Kentucky has generated $4.6 billion in sports bets, producing more than $510 million in total operator revenue, with $71 million of that money going to the state. The market will celebrate its second anniversary on September 28, 2023. Prime Sports has failed to gain much traction in its other market, coming in dead last in revenue in New Jersey out of 15 mobile sportsbooks since the beginning of the year and only 10th best in handle out of 14 operators in Ohio.
A Strategic Expansion With Local Roots
However, Prime Sports is undeterred and believes better times are ahead for a sportsbook that already has a presence in nearby Ohio and has aligned with one of the most respected names in the state, Churchill Downs.
Adam Bjorn, Chief Operating Officer of Plannatech, the parent company of Prime Sports, has long-established ties to the horse racing and bourbon industries that are so prevalent in the state and said, “Relieved to be open in Kentucky after multiple delays due to many different reasons. For me, this was both a strategic yet mainly selfish move to push Prime Sports into this state.”
“Strategically, already being in Ohio, plus six other bordering states, it gives Prime some opportunity to grab some nearby business, as well as now having full coverage of Cincinnati on both sides of the river. Add on the opportunity to partner with CDI (Churchill Downs Inc.) for market access and operating in the home of horse racing,” Bjorn explained.
“This is a new product that will be constantly evolving,” Prime Sportsbook told customers. “If you run into an issue, our support team is standing by to assist via chat, call, email, or text.”
Bringing Back Old-School Bookmaking
The landscape in the U.S. sports betting market is sterile. It’s competent, regulated, and safe, but many of the leading sportsbooks have strict limits, and some have been accused of capping winning bettors. Yet, Prime Sports harkens back to a day when bettors didn’t have to worry about getting their limits reduced or the line suddenly shifting with little activity.
Gaming industry executive Joe Brennan Jr. is the executive chairman of the company and teamed with Plannatech Chief Operating Officer Adam Bjorn to establish a mobile sportsbook with higher limits than most, lower vig, and personalized customer service.
Pushback Against the British Model
Brennan summed up his perspective of the U.S. mobile sports betting industry by saying, “What happened after PASPA is everyone went running to the Brits. It was actually kind of disturbing—you had all these American casino companies operating for a half-century in Vegas, and I always figured they’d extend their reach out to New Jersey and other places.
“Instead, they panicked and went to the Brits, who have been doing this online stuff for decades. They had the tech but also brought over this style of betting that was inconsistent with the U.S. marketplace. It was low stakes, [and] the bookmaker could limit you if you strung together some wins or found you dangerous.”
Although Prime Sports does not have the extensive marketing budget of some of its well-heeled competitors, it does promise to offer a unique experience that will cultivate a loyal following.
