Alyse Cohen has horses — and a lot of fight — in her blood

Alyse Cohen is ushering in a new era for off-track betting in Maryland amidst a push for gambling expansion.

Growing up on a horse farm in rural Maryland, Alyse Cohen’s childhood memories are steeped in the rich tapestry of local equestrian culture. Instead of simply biking or driving to social gatherings, young riders could saddle their horses and ride to the Wilcom’s Inn, a legendary roadhouse located at the end of a drag strip near Frederick, Maryland. This unique upbringing sparked Cohen’s lifelong passion for horse racing and betting—a passion that has shaped her current professional journey.

Her father Randy often took her to the Cracked Claw, a beloved seafood restaurant that transformed into an off-track betting (OTB) parlor celebrated in the community. When the Cracked Claw family abruptly closed its doors in 2011, Cohen seized the opportunity to bring off-track betting back to Frederick County. In July 2019, “Long Shot’s” was born—a restaurant and OTB hybrid showcasing sports and racing events. Little did she know that her venture would soon face unprecedented challenges.

Navigating the COVID-19 Landscape

The onset of the COVID-19 pandemic in early 2020 upended virtually every industry, and the gambling sector was no exception. Venue closures and health protocols stifled traditional betting avenues as sports events were postponed indefinitely. The Triple Crown horse races faced significant scheduling changes, with the Belmont Stakes redefining the series as the first race of the year.

Despite these disruptions, Long Shot’s capitalized on the pent-up demand for live sporting events once restrictions began to ease. “On Derby Day, we achieved the second-highest grossing handle, surpassing even MGM,” Cohen proudly reflects. “It’s gratifying to share that we beat MGM!” This success, she asserts, stems largely from Long Shot’s strategic location, aligning perfectly with Maryland’s legacy of robust racing and betting culture.

Maryland’s sports betting infrastructure began to transform in November 2020 with a statewide referendum that legalized sports gambling, a law signed by Governor Larry Hogan in May 2021. The legislation officially launched retail sports betting in December 2021 and mobile betting options in November 2022.

The Double-Edged Sword of Sports Betting

Cohen emphasizes the pioneering aspect of Maryland’s legislation, which mandates that 5% of ownership in each Class B sportsbook must be held by a woman or minority—making Long Shot’s the only 100% woman-owned sportsbook in the United States. Among the select OTBs eligible for in-person sports betting licenses, Cohen partnered with Betfred in 2023. However, the partnership concluded abruptly in July 2024 when Betfred exited the U.S. market. Shortly thereafter, in December 2024, Long Shot’s secured a partnership with Caesars Sportsbook through the Maryland Lottery and Gaming Control Commission.

Initially, the influx of legalized sports gambling seemed promising. However, when digital sports betting emerged in November 2022, in-person betting traffic dwindled significantly. “We want to thrive, not just survive,” Cohen testified during a Maryland House hearing on March 12. “Our handle has dropped by 33% since online betting began.”

Emerging Opportunities: Online Gaming and Historical Horse Racing

The trend is similar in states nationwide, where over 95% of betting handles are generated through online platforms. As of January 2024, Maryland saw total wagers reach $12.2 billion, translating into $143.2 million in tax revenue. The leap from $39.7 million to $219 million in handle from October to November 2022 underscores the seismic impact of mobile gaming.

Looking ahead to 2025, Cohen advocates for the inclusion of online casino gaming and historical horse racing (HHR) legislation to support the OTB sector. Despite considerable hurdles, including opposition from regional casino businesses fearing cannibalization of their operations, Cohen urges that these developments should encompass OTBs to sustain their viability.

“I believe that online gaming won’t undermine brick-and-mortar venues,” she contends. “They should be viewed as complementary aspects of a cohesive gaming ecosystem.”

A Relentless Commitment to Adaptation

Cohen’s fierce dedication to discovering new revenue streams is evident; she was an ardent advocate for small businesses during the legalization of sports betting. “There was a measure of naivety in my ambitions,” Cohen admits, “but as a small business, I recognized that without a new demand generator, our survival was at stake.” She acknowledges the decline in horse racing events, with current race days dwindling to just 127, including the Maryland State Fair.

“You have to fight,” Cohen asserts. “We’re always innovating, offering in-store promotions, and enhancing the quality of our food and beverage services.” Long Shot’s boasts a remarkable 90-foot TV wall and a lavish 8,000 square-foot sportsbook designed to attract visitors away from the comforts of home.

“Alyse is a powerhouse,” remarks Jeff Ifrah, a legal expert in iGaming who facilitated Cohen’s partnership with Caesars. “She stands alongside the top-tier women entrepreneurs in Maryland—an achievement that shouldn’t be underestimated.”

Leveraging Strategic Partnerships

Caesars Sportsbook is an official partner of the Washington Wizards and Capitals, and these sponsorships have extended to Long Shot’s. With an existing casino operation nearby, securing a deal with Caesars was a testament to Cohen’s negotiation skills and the value of her location.