Sports betting has been one of the hot topics in the gambling field over the span of the past several months and this comes as no surprise to anyone since this budding field has the potential to bring more enthusiasts to the gaming locations. The state of Rhode Island is already inching forward an official decision which will see the launch of sports wagering, as this Wednesday saw the Senate give its approval to the new budget bill which provides regulation to this field as well.
Betting on sports is considered one of the gambling activities which enjoys the largest revenue amassed in an illegal manner since it is considered illegal in many states. The authorities of a large number of states have been working towards providing it with the appropriate regulation for many years now, as preventing its illegal existence appears to be a task hard to accomplish. Last month brought the news which many states welcomed with enthusiasm and began preparation for the future sports betting field.
Rhode Island was among them, but what should also be taken into account is the fact that the state’s authorities have been preparing for this moment for quite some time now. The deadline which has been appointed of the state to launch sports betting is October which is why actions are already taking place in order to make this happen.
The state might be among the first ones to launch operation of sports wagering, but at the same time, it is not rushing into anything as the proper regulation needed to be carefully devised.
Future Sports Wagering Field to Launch Soon
This Wednesday witnessed the official voting of the Senate which had a good look on the proposed budget bill featuring some 15 pages dedicated to the regulation of sports betting on a state level. With this move, the General Assembly gave green light to the state’s budget which will aim to manage the future fiscal year which ends on 30th June 2019.
Within the said budget which amounts to some $9.6 million attempting to provide enough funding to every aspect of the future operation, sports wagering is also included. Last Friday the budget was presented in front of the House of Representatives in the state which voted 66-7 in favor of it. Following the almost unanimous approval, the budget was sent to the Senate which also gave it a nod with a voting 34-2.
There were no changes proposed to it, as the officials were supportive of the spending plan proposed by the House. What should be taken into account is that the lawmakers have considered states relatively equal in size, such as Delaware which recently launched sports betting. Now the next and final step would be the ultimate approval of Democratic Governor Gina Raimondo who is expected to sign it on Friday.
According to the regulation some $23.5 million is expected to be devoted to the potential sports betting field which would take over the state. According to the wording of the budget bill, sports wagering will be available at Twin River Casino located in Lincoln, as well as the future casino location in Tiverton which is still under construction.
An important detail of the proposed bill is the fact that every casino operator who chooses to provide sports betting will be obliged to pay a 51-percent tax of the overall sports gambling revenue generated.