Bally’s Selected as Rhode Island’s Second Approved Online Sports Betting Operator
Bally’s Corporation has been selected by the Rhode Island Lottery to become the state’s second approved online sports betting operator, ending the monopoly held by IGT-powered Sportsbook Rhode Island since 2019. The decision follows a licensing application window that closed in February, during which only Bally’s and Rush Street Gaming’s BetRivers applied. State officials cited the need to increase tax revenue and retain local customers who might otherwise bet in neighboring Massachusetts as key drivers for expanding the market. Under the new arrangement, expected to launch in November upon the expiration of IGT’s exclusivity contract, Bally’s will retain 49% of online revenue while paying the state’s high 51% gaming tax. This contrasts with its current 17% share from physical casino operations. The move aims to revitalize a market where March betting handle fell nearly 28% year-over-year, despite a rise in revenue. Bally’s has committed to a minimum five-year presence, with an option to extend, signaling confidence in the state’s regulated gambling sector despite the high tax burden that has deterred other major competitors like FanDuel and DraftKings.
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Bally’s Selected as Rhode Island’s Second Approved Online Sports Betting Operator
Bally’s Corporation has been selected by the Rhode Island Lottery to become the state’s second approved online sports betting operator, ending the monopoly held by IGT-powered Sportsbook Rhode Island since 2019. The decision follows a licensing application window that closed in February, during which only Bally’s and Rush Street Gaming’s BetRivers applied. State officials cited the need to increase tax revenue and retain local customers who might otherwise bet in neighboring Massachusetts as key drivers for expanding the market. Under the new arrangement, expected to launch in November upon the expiration of IGT’s exclusivity contract, Bally’s will retain 49% of online revenue while paying the state’s high 51% gaming tax. This contrasts with its current 17% share from physical casino operations. The move aims to revitalize a market where March betting handle fell nearly 28% year-over-year, despite a rise in revenue. Bally’s has committed to a minimum five-year presence, with an option to extend, signaling confidence in the state’s regulated gambling sector despite the high tax burden that has deterred other major competitors like FanDuel and DraftKings.