The Rhode Island Senate has given its approval to SB3, a bill introduced by Senate President Dominick Ruggerio. This bill represents a significant change in the state’s sports betting landscape, as it seeks to permit wagering on in-state collegiate teams, a practice that has been prohibited since the legalization of sports betting in 2018. SB3 has now advanced to the House Finance Committee for further consideration.
SB3: Betting on In-State Collegiate Teams:
SB3, championed by Senate President Dominick Ruggerio, aims to lift the prohibition on sports betting on in-state collegiate teams.
This is a notable departure from the existing regulations and could have a significant impact on the state’s sports betting landscape.
Scope of Collegiate Sports Betting:
SB3 outlines that betting on collegiate team events will be permissible within the context of tournaments featuring four or more teams.
These tournaments can take place either within Rhode Island or involve Rhode Island collegiate teams in other locations.
Collegiate sports tournaments include various events like pre-season invitationals, conference tournaments, and iconic NCAA tournaments, including the widely popular March Madness.
Legislative Journey:
SB3’s legislative journey in the Senate spanned over two months, with its introduction to the Senate Special Legislation and Veterans Affairs Committee on January 10.
After thorough examination and further study, the bill was eventually passed by the committee on March 22, paving the way for its consideration by the full Senate.
House Finance Committee:
Following approval by the Senate, SB3 has now been referred to the House Finance Committee.
While a specific date for its review has not been scheduled, the Rhode Island House schedule outlines that bills aiming to pass during this session must exit the committee by April 11.
Responding to Massachusetts’ Sports Betting Market:
Senate President Ruggerio has hinted that SB3’s introduction is partially in response to the opening of the sports betting market in neighboring Massachusetts.
The Massachusetts market enables Rhode Island residents to cross the border and wager on college sports.
Ruggerio anticipates that allowing collegiate sports betting will boost state revenues.
Future Revenue Prospects:
Ruggerio also mentioned the potential for future revenue generation through iGaming, signaling a growing interest in expanding the state’s gambling offerings.
He envisions that iGaming could offer a substantial source of revenue, enabling residents to enjoy gambling activities from the comfort of their homes.
The passage of SB3 in the Rhode Island Senate marks a significant development in the state’s sports betting landscape. This bill, championed by Senate President Ruggerio, seeks to allow betting on in-state collegiate teams, potentially enhancing state revenues. As SB3 advances to the House Finance Committee, the future of collegiate sports betting in Rhode Island awaits further deliberation. Additionally, Ruggerio’s mention of exploring iGaming as a potential revenue generator signals the state’s evolving stance on gambling and its pursuit of new opportunities in the gaming industry.