A Senate bill in Rhode Island is looking to shake up the state’s sports betting industry by ending the current exclusive contract with IGT and inviting bigger operators like FanDuel and DraftKings to apply for licenses. The bill, filed on Friday, would prohibit the renewal of the IGT contract when it expires in 2026. This move comes after Rhode Island initially granted IGT an exclusive license in 2018 when sports betting was legalized in the state.
The bill has four Democratic supporters in a legislature where Democrats hold a majority. However, the bill faces challenges as it is one of many waiting for review in the Senate Labor and Gaming Commission. Despite the potential benefits of opening up the market to more operators, Rhode Island’s high sports betting tax rate and small size may limit the success of bringing in additional competition.
The recent acquisition of IGT by Apollo Global Management for $4 billion, which included Rhode Island’s sports betting contract and lottery operations, may have influenced the decision to rethink the exclusivity agreement. The bill aims to create a more competitive landscape in the sports betting market in Rhode Island. However, the outcome of the bill remains uncertain as it navigates through the legislative process in the state.
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