Rhode Island Sports Betting To Arrive In November
While many states were racing to launch sports betting by the start of football season, Rhode Island sportsbooks are following an entirely different timetable.
On Friday, it was announced that the Rhode Island Lottery will be partnering with Providence-based technology vendor International Game Technology (IGT) and William Hill U.S. to manage sports betting services for the state.
“It’s an exciting time for the Rhode Island Lottery,” stated Gerald Aubin, Rhode Island Lottery Director. “With the introduction of legalized sports betting, we will leverage world-class resources and technology from IGT and William Hill to provide the best-possible sports betting experience for the patrons who visit our casinos.”
The five-year contract comes just two months after the state legalized sports betting, with the first bet expected to be taken in November. Originally, Rhode Island sports betting was slated to arrive by October.
The extended launch date puts R.I. weeks into the NFL and college football seasons, not to mention even farther behind the states that are already open for business.
So far, Delaware, New Jersey, and Mississippi have opened their sportsbooks, while Pennsylvania, West Virginia, and Rhode Island have enacted legislation but have not yet started to accept wagers.
Within the state budget, it was projected that sports betting revenue would bring in $23.5 million for the current fiscal year, which began July 1, 2018, and ends June 30, 2019.
The revenue share structure in Rhode Island gives the state 51%, IGT 32%, and casino operators 17%. In order for the annual revenue goal to be met, sportsbooks will need to make about $900 million in handle.
To put this into perspective, Nevada sportsbooks took in $5 billion in handle last year. Considering that Nevada has a population twice as large, plus millions of tourists each year, the handle makes sense.
Two Rhode Island casinos will be competing for sports betting action, both Twin River casino properties. The Lincoln property is the largest gaming venue in the state and the Tiverton casino is scheduled to open September 1st, 2018.
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