RI Sports Betting Locations Have Opened
On Nov 26th, 2018, Twin Rivers Sportsbookopened their doors to the first RI Sports betting lounge. In December 2018, Twin Rivers Tiverton Casino will open its in-person sportsbook. Twin Rivers Lincoln and Tiverton Casino join a large field of NJ sports betting operators to gain first-mover advantage in the newly-legal gambling climate of the USA.
Based on what we’ve seen in New Jersey and West Virginia, by the end of March, 2019, we expect Twin Rivers Sportsbook Online and William Hill Sportsbook to launch sports betting apps in Rhode Island.
RHODE ISLAND SPORTS BETTING LAUNCH DELAYED
It is known to become a routine when sports betting is approved by a state, sportsbook launch missions ensue to pursue revenue increase. In Rhodes Island there seems to be an unconventional approach that exists.
Therefore, November couldn’t come sooner for Ocean State residents to place their first sports wagers.
June marked as a period the state legislature passed a sports betting bill. During that, reports divulged on Legal Sports Report from Twin River Casino’s spokesperson, Patti Doyle, that an October launch was expected for the casino.
Agreed by many that the statement surfaced immaturely, hence that William Hill and International Game Technology (IGT) announced their partnership a week before unleashing their sports betting services. At this rate they might be left with no choice other than postponing their plans till further notice.
IGT AND WILLIAM HILL TAKES INIATIVE FOR SPORTS BETTING IN RHODE ISLAND
At this stage, seemingly sports betting might fit well in Rhode Island Lottery’s realm. As casino plans draw towards an opening in September, a position to exclusively host retail sportsbooks arises naturally for two of the state’s casinos, namely Tiverton and Twin River Casino in Lincoln. Although Twin River Casino Tiverton is currently going through construction.
Furthermore, between the Lottery and IGT and William Hill, a five-year contract was agreed and promised for the state according to a press release, to retain sports betting operations. Commissioned as a sports betting partner in the state, IGT stood on their own bidding for the contract.
Director of the Rhode Island Lottery, Gerald Aubin, expressed about the partnership upon its release:
&It’s an exciting time for the Rhode Island Lottery. 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.
Some important notifications are highlighted in the contract, mainly entailing retail and mobile sportsbooks.`Subject to which casino you confide with out of the 2, punters are provided with the accesibility to wager through a mobile sports betting app. Such terms ring bells in Mississipi as far as sports betting goes.
Allocations from the agreement indicate that 51% of the sports betting revenue is entitled to the state, 32% belongs to the vendor and 17% to the casino.
The combination with William Hill US uniquely positions us to provide the Rhode Island Lottery with a comprehensive, market-ready solution to maximize sports betting revenues and returns to good causes for the state of Rhode Island, commented Renato Ascoli, IGT CEO, North America.
IGT CONTINUES TO EXPAND ITS US CASINO AND SPORTS BETTING PRESENCE
Rhode Island Lottery’s merging opportunity precisely took for an interim license by the London-based company to be approved for West Virginia sports betting. In mid-August, a sports betting platform aptly named PlayShotwas launched by IGT, officially under West Virginia Lottery Commission West Virginia.
As if their momentum wasn’t rolling enough, 2 Mississippi casinos became IGT’s target to energize its retail sportsbook operations by signing off with Boyd Gaming, before being approved in West Virginia.
Prior the repeal of PASPA and the newly-signed contract with FanDuel Sportsbook in New Jersey, IGT has always been guaranteed a firm position in Nevada. Additionally, their constant impact throughout the U.S. has been undeniable. So far to go, nonetheless treading towards their domination quest slowly but surely.
RHODE ISLAND SPORTS BETTING REVENUE GOALS ARE AMBITIOUS
A state budget comprising of $23.5 million in revenue from sports betting got submitted by Rhode Island Gov. Gina Raimondo. Quite an extreme reach seemingly for the revenue to be split by 51%, which subsequently bestows to the state’s treasuries.
A revenue number of about $46 million is all 2 casinos will need to post in order to earn $23.5 million. Approximately $250 million in sports betting revenue was posted by Nevada in 2017.
- Nevada was the only state with legalized sports betting
- The Silver State has triple the population of Rhode Island
- Nevada is home to a mature and highly competitive sports betting market
- Rhode Island will be competing for bettors with New Jersey, Pennsylvania and possibly New York in the near future
- A November launch means the state will miss half of the football betting season
In theory, the likelihood of Rhode Island driving an adequate amount of sports betting interest effecting enough to match Nevada’s 20% revenue, seems very low to comply with.