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R.I. Needs to Cut Taxes to Lure DraftKings and FanDuel, Report Suggests

Rhode Island Sports Betting Market Study Recommends Increased Competition

A recent study commissioned by the Rhode Island Lottery urges the state to permit more companies to enter its online sports betting market, which is currently dominated by IGT’s Sportsbook Rhode Island app. The report, prepared by Spectrum Gaming Group, reveals that Rhode Island imposes the highest effective tax rate for sports wagering in the nation at 51%. This heavy taxation, combined with IGT’s exclusive rights set to expire next year, has prompted calls for legislative change.

Newly elected Senate Majority Leader Frank Ciccone is sponsoring a bill that would allow up to five additional companies, such as DraftKings and FanDuel, to operate in the state. Spectrum’s findings suggest that awarding licenses to between four and six providers could enhance competition and improve the market landscape. However, the report warns that unless the state revises its online betting policies to attract more operators, opening the market will likely not yield the desired results.

The study also emphasizes the need to lower the effective tax rate to align more closely with neighboring states, which currently offer more competitive rates for operators. Another key recommendation includes exploring constitutional changes that would permit online betting servers to be hosted outside of the existing casinos in Lincoln and Tiverton.

Despite being the first state in New England to legalize sports betting, Rhode Island finds itself at a crossroads. The current strategies focused on maximizing tax revenue while appeasing local companies have hindered the state’s ability to adapt to a rapidly evolving market, leaving it less appealing compared to its regional counterparts.

For more insights on local developments, subscribe to the Rhode Map newsletter. For inquiries, contact Dan McGowan at dan.mcgowan@globe.com.

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