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Legal & RegulatoryIndustry

Rhode Island Approves Sports Betting Bill

Rhode Island's Senate has approved Bill S7200A, paving the way for sports betting.

rhodeislandsign

All that's needed is the Governor’s approval before Rhode Island becomes the third state to legalise sports betting in the US post-PASPA.

The Senate voted 66-7 in favour of the bill, which had been approved by the Rhode Island’s Senate Finance Committee on Tuesday.

All eyes are now on Governor Gina Raimondo. If the RI Governor does sign the bill - which she is widely expected to do - Rhode Island will follow New Jersey and Delaware, the first two states to take sports bets outside of Nevada. 

The Governor has reportedly included $23.3 million, in the states $9.6 billion budget for 2019,  the amount she expects the state to earn from legal sports betting.

The bill itself would allow for sports betting to take place in Rhode Island’s two tribal casinos, the Twin Rivers Casino in Lincoln as well as the Twin Rivers in Tiverton.

The bill also outlined how sports betting revenue will be distributed, with 51% going to the state, 32% to IGT, and 17% to Twin River.

Global Gaming Company IGT will receive their 32% cut, which is projected to generate $14.75m, for providing the underlying technology that will be used to power the sports books at the two tribal casinos.

The towns of Tiverton and Lincoln are also set to receive $100,000 in annual compensation for hosting sports betting wagers.

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