{"id":8727,"date":"2018-06-21T16:06:14","date_gmt":"2018-06-21T16:06:14","guid":{"rendered":"https:\/\/www.pokerscout.com\/?p=8727"},"modified":"2018-06-21T18:23:24","modified_gmt":"2018-06-21T18:23:24","slug":"while-rhode-island-oks-sports-betting-ny-misses-the-boat","status":"publish","type":"post","link":"https:\/\/www.pokerscout.com\/while-rhode-island-oks-sports-betting-ny-misses-the-boat\/","title":{"rendered":"While Rhode Island OKs Sports Betting, NY Misses The Boat"},"content":{"rendered":"
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Sports betting<\/a> legislation continues to dominate headlines as states work feverishly to pass bills before legislative sessions break for the summer or end for the year.<\/p>\n

Some states, like Michigan<\/strong><\/a>, have not<\/strong> been successful in their quest to legalize sports betting. Others, like New Jersey<\/strong><\/a>, and now Rhode Island<\/strong> have.<\/p>\n

On the heels of New Jersey accepting its first sports bets<\/a> last week, Rhode Island becomes the latest state to send a sports betting bill to the governor\u2019s desk<\/strong>.<\/p>\n

On Wednesday, the House voted 66-7<\/strong> for a $9.6 billion budget plan<\/strong> that includes regulating sports betting. The Senate then voted 34-2<\/strong> to do the same.<\/p>\n

All that\u2019s left is the signature of Gov. Gina Raimondo<\/strong> to bring legalized sports betting to the Ocean State<\/strong>. Raimondo is the original author of the bill. Even though there were amendments along the way, expect her signature soon.<\/p>\n

Rhode Island on the verge of legalizing sports betting<\/span><\/h2>\n

Sports betting will fall under the watch of the Rhode Island Lottery<\/strong>.<\/p>\n

IGT<\/strong> is expected to provide the platform for sports betting in the state. It has been Rhode Island\u2019s land-based and online lottery<\/a> platform provider for the past 15 years. IGT also happened to be the sole bidder<\/strong> for the sports betting contract<\/p>\n

The bill only legalizes land-based sports betting. The Twin River casinos<\/strong> in Lincoln<\/strong> and Tiverton<\/strong> will serve as \u201chost communities for sports wagering\u201d and receive $100,000 each<\/strong> for the administrative duties.<\/p>\n

Partnerships with IGT and the Twin River casinos are not official yet. Formal agreements must wait until the bill becomes law.<\/p>\n

The targeted launch date for the first sports wager is Oct. 1. The state is predicting first-year revenue projections of $23.5 million<\/strong>. That would require casinos to accept around $900 million in wagers<\/strong>.<\/p>\n

The state will collect 51 percent<\/strong> of the revenue with the remaining shared between the vendor (32 percent<\/strong>) and the casino (17 percent<\/strong>).<\/p>\n

How realistic are Rhode Island\u2019s revenue projections?<\/span><\/h2>\n

Legal Sports Report<\/a> <\/strong>provided a thorough analysis of the Rhode Island sports betting bill and its revenue projections.<\/p>\n

The basic gist of the reporting is the revenue projection is \u201coptimistic.\u201d<\/p>\n

It seems unlikely the state will bring in $900 million in wagers without mobile sports betting or betting outside of Lincoln and Tiverton.<\/p>\n

Basically, the figure of $900 million represents about 20 percent of<\/strong> Nevada<\/strong><\/a>\u2018s annual handle. Think about that.<\/p>\n

Nevada has three-times the population and a mature sports-betting market that has had a monopoly on sports betting until recent weeks.<\/p>\n

Brenna McCabe<\/strong>, a spokesperson for the Administration, told the Providence Journal<\/a> <\/strong>the state\u2019s Office of Management and Budget<\/strong> produced the estimate. McCabe also mentioned there was no guidance from the state\u2019s consultant, Spectrum Gaming Group<\/strong> recognized for its expertise in the economics of legalized gambling.<\/p>\n

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