Bally’s Corporation recently made waves in the US gaming industry with the launch of a regulated online casino in Rhode Island. This move positions Rhode Island as the seventh state in the US to legalize iGaming, following the footsteps of prominent gaming hubs like New Jersey, Connecticut, and Pennsylvania. Bally’s exclusive operator status in the Rhode Island market underscores its strategic advantage, with the company poised to capitalize on this burgeoning sector.
Overview of the Launch:
The regulated online casino in Rhode Island, operated solely by Bally’s Corporation, marks a significant milestone in the state’s gaming landscape. This initiative, which stemmed from legislative efforts and collaboration between state authorities and industry stakeholders, received a green light in June. Governor Daniel McKee’s endorsement of the bill paved the way for Bally’s to introduce its online gaming platform, leveraging its existing properties, Twin River and Twin River-Tiverton, in conjunction with IGT as its vendor.
Technical Trial and Regulatory Control:
Prior to its public launch, the online casino underwent a meticulous four-day technical trial, ensuring its seamless functionality and compliance with regulatory standards. It’s worth noting that despite Bally’s exclusive operation, the state retains complete regulatory control over iGaming activities. This oversight mechanism not only safeguards consumer interests but also guarantees a steady flow of revenue to the state coffers.
Revenue Distribution:
One of the key highlights of this endeavor is the revenue-sharing model, wherein a significant portion of the proceeds is directed towards the state. Specifically, nearly 62% of slot revenue and 15% of table game revenue contribute to bolstering Rhode Island’s financial resources. This symbiotic relationship between the gaming industry and state governance underscores the mutual benefits derived from regulated iGaming.
Stakeholder Perspectives:
Craig Eaton, President of Bally’s Rhode Island Operations, expressed his satisfaction with the collaboration between regulatory authorities and industry players. He emphasized the positive impact of this partnership on enhancing state revenue and fortifying Rhode Island’s position in the competitive New England gaming market.
Senate President Dominick Ruggerio echoed similar sentiments, highlighting the strategic importance of iGaming in sustaining Rhode Island’s prominence in the gaming industry. He emphasized the role of iGaming as an alternative form of entertainment while generating crucial revenue streams for the state.
Future Outlook and Industry Dynamics:
Looking ahead, the launch of the regulated online casino sets a precedent for future developments in Rhode Island’s gaming sector. As technology continues to evolve and consumer preferences shift towards digital platforms, iGaming is poised to play a pivotal role in shaping the state’s gaming landscape. Moreover, initiatives aimed at fostering partnerships with educational institutions, such as the collaboration with CCRI, underscore Rhode Island’s commitment to nurturing talent and driving innovation in the gaming and hospitality industries.
Bally’s Corporation’s foray into Rhode Island’s online casino market heralds a new era of opportunities for both industry stakeholders and the state at large. By embracing iGaming, Rhode Island not only diversifies its revenue streams but also solidifies its position as a frontrunner in the competitive gaming landscape. As the regulatory framework matures and technological advancements continue to unfold, the prospects for Rhode Island’s gaming industry appear brighter than ever.