In a medium-sized saucepan, combine the ketchup, bourbon whiskey, dark brown sugar, apple cider vinegar, molasses, and Worcestershire sauce. Whisk until the sugar has fully dissolved.
Stir in the smoked paprika, onion powder, garlic powder, black pepper, and salt.
Place the saucepan over medium-high heat and bring the boozy mixture to a gentle boil, stirring frequently to prevent scorching.
Immediately reduce the heat to the lowest setting. Let the sauce simmer uncovered for 15 to 20 minutes. This step is crucial, as it cooks off the harsh alcohol vapor while allowing the sauce to thicken into a glossy glaze.
Remove the pan from the heat. Allow the sauce to cool entirely at room temperature before transferring it to an airtight glass jar. Store in the refrigerator for up to 2 weeks.