Rhode Island lawmakers are taking steps to break the state’s sports betting monopoly by introducing new legislation that would allow multiple operators to offer sports betting. Currently, sports betting in Rhode Island is operated solely by the state lottery, but lawmakers believe that opening up the market to more operators could generate more revenue and create a more competitive industry.
The proposed legislation would allow up to six mobile sports betting licenses to be issued, with each license costing $100,000 per year. The bill also aims to lower the tax rate on sports betting revenue from 51% to 38%, which lawmakers hope will entice more operators to enter the market.
Supporters of the bill believe that breaking the state’s sports betting monopoly will lead to increased competition, better odds for bettors, and ultimately more revenue for the state. They argue that allowing more operators to offer sports betting will create a more dynamic and diverse market that benefits both consumers and the state.
However, opponents of the bill have raised concerns about the potential negative impacts of expanding sports betting in Rhode Island. They argue that opening up the market to more operators could lead to an increase in problem gambling and other social issues.
Overall, the proposed legislation to break Rhode Island’s sports betting monopoly is generating a lot of discussion and debate among lawmakers, industry stakeholders, and the public. As the bill moves through the legislative process, it will be interesting to see how it evolves and what impact it may have on the state’s sports betting industry.
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