Rhode Island has made a bold move by passing a bill to expand sports betting, breaking free from its previous one-operator model. With a Senate vote of 30-3 on June 4, the bill now allows for five operators in the state starting in 2026, aiming to enhance competition and player experience.
Key Points
- The Rhode Island Senate passed a bill to allow five sports betting operators, moving away from a single-operator system.
- The bill (Senate Bill 748) will enable the Rhode Island Lottery Commission to seek new applicants once the current contract with IGT expires in 2026.
- IGT argues that the current model is more beneficial for state revenue, while competitors like DraftKings advocate for a market with multiple options to enhance user experience.
- The current tax rate on sports betting in Rhode Island is 51%, among the highest in the US, which may discourage new operators.
- The bill will now move to the House for consideration before the June 30 deadline.
Why should I read this?
If you’re interested in the evolving landscape of sports betting in the US, especially in Rhode Island, this article is a must-read! It covers the potential shift towards a more competitive environment that could change the way residents engage with sports betting. Don’t miss out on the implications for state revenues and consumer choice!