International Gaming Technology (IGT) will run the only legal sports betting app in Rhode Island for at least another three years. The Rhode Island Lottery confirmed it is happy to extend the contract until November 2026, with the current deal due to expire in November 2023.
IGT has operated the Sportsbook Rhode Island since it originally went live in 2019. The Las Vegas-based firm was the only bidder for the contract. It recently gave the app a facelift and will do so again at least once more according to the terms in its fresh contract extension.
IGT will have to pay $1.5m in service provider fees to the Lottery
The gaming technology company gets to keep 32% of sportsbook revenue in the Rhode Island deal, with 51% going to the state. The remaining 17% goes to Bally’s Corporation. This revenue split will remain the same under the extension, but IGT will have to pay $1.5m in service provider fees to the Lottery.
Some have expressed disapproval over the lack of sports betting options in Rhode Island since the activity became legal in 2018. The state’s gambling regulator does plan to conduct a market assessment in the coming years to make sure that the current model is generating sufficient revenue. This could open the door to a different sports betting framework.