Rhode Island lawmakers introduced Senate Bill 948, that will legalize online gambling. Once approved, the state will launch its online gaming market on January 1, 2024. During a hearing, the Sports Betting Alliance asked lawmakers to ensure the creation of a competitive online gaming market in the state.
Some members of the SBA include DraftKings, FanDuel, BetMGM, and Fanatics. Also, they asked for an amendment to the proposed measure to develop a competitive iGaming market. According to a political news forum, a competitive market will bring many benefits to the state.
SBA members work with lawmakers and other stakeholders to develop safe and successful gambling markets via sound legislation and regulation. A healthy market means having various operators. As a result, the industry can deliver better tax revenues.
Competitive Online Gaming Market
At the same time, the SBA stated that a competitive iGaming industry in Rhode Island could provide citizens with various online gaming alternatives. In addition, it is intended to minimize the proportion of customers who engage in iGaming activities through illegitimate operators.
The SBA referenced Light & Wonder statistics from a 2022 study that anticipated the state to receive $24 million in revenue in its first year of legal online gambling if a 20% tax rate was adopted. However, according to bookie PPH reports, Delaware materially underperforms other iGaming jurisdictions in income due to its online market monopoly.
According to gambling reviews and news sites, clients who can choose between multiple lawful iGaming companies will bring more revenues. It is because registered and regulated gaming businesses follow the rules, pay taxes, and offer responsible gambling alternatives, which the illicit gambling industry does not.