Rhode Island is on the brink of following Delaware and New Jersey with a fully operational and legal sports betting business of its own thanks to an overwhelming seal of approval from the state senate for appropriations bill S7200. The next stage for the legislation is official sign off from governor Gina Raimondo, the instigator of the proposal to allow sports betting in Rhode Island.
Expectations are running high for big profits from sports wagering, with Raimondo having already earmarked a potential $23.5m share of revenue going to the state in the first year of legal operating. Technology for betting will be supplied by IGT, currently engaged with the state lottery, which is expected to rake in $14.75m. Casino operators can expect circa $8m.
Such projections are being viewed as ambitious to say the least, based as they are on estimated total annual wagers of more than $910m. Put in context Nevada, which up until May enjoyed a monopoly on sports betting, gathers around $5bn annually.
All sports betting in Rhode Island will take place at the state’s two brick and mortar casinos, Twin River and Tiverton. Internet and mobile bets will be allowed, but must take place on the premises. There is no provision for betting on collegiate teams, regardless of the location of where the playing action takes place. Bill H7200A will not be well received by the major sports leagues – not only does it contain no provision for an integrity fee, it expressly prohibits any such payment.
