Rhode Island Senate Advances Bill to Expand Sports Betting Market
The Rhode Island Senate has taken a significant step towards expanding the state’s sports betting landscape by voting 30-2 in favor of Senate Bill 748. This legislation seeks to terminate International Game Technology’s (IGT) monopoly on sports betting, enabling the Rhode Island Lottery to solicit bids from additional operators. If approved, this bill would allow between three to five new platforms to offer sports betting starting July 2024.
IGT, which secured exclusive rights to the Rhode Island sports betting market in a 2019 agreement set to last until November 2026, has opposed this measure. The company argues that its centralized operations and marketing strategies contribute to the state’s robust fiscal performance, with approximately $110 million generated in tax revenue since the market’s inception. Despite earlier success—with a peak betting handle of $532 million in 2022—revenues have declined over recent years, raising concerns about future income.
In contrast, DraftKings has publicly endorsed the proposed legislation, viewing it as an opportunity to broaden its market presence. The Boston-based platform notes that Rhode Islanders currently spend only $38 annually on sports wagering per adult, one of the lowest in the U.S., suggesting significant growth potential. The company asserts that a competitive marketplace improves the overall player experience by fostering innovation among operators.
A related bill is still under discussion in the House, and if it passes, it will require final approval from Governor Dan McKee. If successful, Rhode Island could see a more vibrant and competitive sports betting market by mid-2024, promising to boost both player engagement and state revenue.
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