A new bill introduced in the Rhode Island Senate could shake up the state’s sports betting industry by ending IGT’s exclusive contract and allowing at least five new operators to enter the market. Since legalizing sports betting in 2018, Rhode Island has granted a monopoly to UK-based IGT, but Senate Bill 748 aims to open up the market to major players such as FanDuel and DraftKings. While this move could create more competition and innovation in online sports betting, there are challenges ahead. With one of the highest sports betting tax rates in the country at 51%, Rhode Island may struggle to attract new operators. The recent acquisition of IGT’s gaming operations by Apollo Global Management further complicates the situation. Despite bipartisan support for the bill, its passage is uncertain due to political priorities and a tight legislative timeline. The fate of Senate Bill 748 now rests with the Senate Labor and Gaming Commission, with only a few months left in the session to make any changes. If successful, this bill could lead to a dramatic shift in Rhode Island’s sports betting landscape, offering residents more choices and potentially boosting the state’s economy.
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