Bally’s Corporation continues its expansion across the US, and the newest casino is in Rhode Island.
Bally’s monopoly in the market
The state legalized iGaming eight months ago, and now it’s time for operators to expand their businesses to this new market. Bally’s is introducing its impressive portfolio of slot and table games to Rhode Island players, so gamers can enjoy the impressive portfolio of 170 captivating slot releases. To play, they must be at least 21 and create an account on Bally’s platform.
Before the official launch, the company conducted a technical trial that lasted for four days to make sure everything was working properly. On top of that, Stakelogic incorporated its live dealer and table games software studio technology in its portfolio.
Back in 2021, Rhode Island legislators approved Bally’s and its IGT supplier a 20-year contract for land-based casinos Bally’s Twin Rivers Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel, so the company has a monopoly in this market. Now, this monopoly will also be transferred to the iGaming industry. Gamesys, Bally’s online arm, might be the only operator who is able to offer its services in Rhode Island.
According to the state’s law, Bally’s and IGT will be obligated to pay 50% of online slot revenue to the state. Tax revenue imposed on table games is 18%.
The industry giant is prepared for launch, so the company has built a Live Dealer Table Studio placed across 4,000 square feet at Twin Rivers.
The state established a body to regulate all iGaming operations, the Rhode Island Division of the Lottery. Now, the body oversees two of Bally’s casinos in the state.
Sports betting revenue decrease
The law ensured that geolocation technology could be used to confirm that players were located inside the state’s borders. If the state has a reciprocal agreement with another state regulator, it might lead to allowing the players to play outside Rhode Island. Sports betting used to be very popular in the state, but according to the revenue reports, its popularity started to decrease. In January, the sports betting handle was $44.8 million. In December 2023, it was $47.9 million, and not only is this figure lower than December’s, but it’s also the lowest handle since September 2023. So far, the handle in the 2024 financial year decreased to $267.2 million, since in 2023 it was $332.8 million. Bally’s interactive iGaming business might help in increasing the revenue in the state since iGaming increased the revenue in the whole country. Apart from Rhode Island, six states legalized iGaming operations: New Jersey, Delaware, West Virginia, Pennsylvania, Michigan, and Connecticut.
Source: iGB Editorial Team. “Rhode Island becomes seventh US state to launch iGaming”, igamingbusiness.com, March 5, 2024.