The casino-entertainment giant Bally’s Corporation is pushing for legislation to promote and improve the iGaming offer in Rhode Island.
The move by Bally’s is part of its ongoing effort to expand its online presence across the United States and develop its portfolio of iGaming products. If successful, they will join established iGaming operators such as DraftKings and Twin Rivers Worldwide Holdings who already hold licenses in Rhode Island.
Elizabeth Suever, Vice President of Government Relations for Bally’s Corporation, said: “We intend to model this after the legislation used to establish online sports betting in Rhode Island, effectively giving the State complete regulatory control and the ability to ensure the integrity of the program, while maximizing revenue for the State.”
To substantiate its proposal Bally’s commissioned an iGaming study conducted by Spectrum Gaming, the study presents some interesting findings.
Rhode Island could generate an estimated $93.3 million of gross gaming revenue in the first year and an estimated $130.6 million in the fifth year.
Little to no switching of play from retail casinos to online casino gaming is expected, preserving retail casino revenues paid to the State.
This could generate potential gaming taxes for the State of Rhode Island of $210 million over a five-year period.
The State would retain the authority to set terms and conditions for online slots and table gaming, including all procedures for responsible gaming, system integrity, security, operations, and accounting.
“We see this as a vital step to secure our competitive advantage and ensure critical revenue to the state,” Bally’s Senior Vice President Craig Eaton told political and business leaders Wednesday, as per The Providence Journal.
“Despite area competition, which is growing to our north and to our southwest in Connecticut, we know we have to keep improving our products and experiences,” he added. “We can’t sit still, and we need to meet our customers where they are.”
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