While sports betting has been popping up at casinos in seven states across the country, New England got its first legal sports book this week.
Twin River Casino in Lincoln, RI started taking sports bets on Monday, several months after the groundbreaking Supreme Court decision that gave states the ability to legalize sports betting by striking down a federal law that outlawed most types of sports betting outside of Nevada.
Twin River in Lincoln opened its sports book on Monday, November 26. The Tiverton Casino is expected to debut its own sports book within a few weeks.
Rhode Island is hoping to bring in millions in tax revenue from legal sports betting in the state. In fact, the state had $25.5 million sports betting tax revenue in the state budget, but that assumed that sports betting would begin in the state on October 1. With the nearly two month delay many observers predict that this year’s tax revenue will be approximately $12 million.
Revenue from the Twin River’s sports book will be divided by the casino, the operator of the sports book and the state. Twin River is contracting out the operation of the sports book to William Hill and IGT William Hill operates several new casino sports books, including at Ocean Resort in Atlantic City. At Twin River the contractors will receive 32% of the sports betting revenue. The state of Rhode Island is slotted to receive 51% of the sports betting revenue in the form of taxes. Twin River will receive the remaining 17% of the sports betting revenue.
Twin River Casino, and soon Tiverton Casino, are in a competitive advantage when it comes to sports betting in New England. The nearby giants, Foxwoods and Mohegan Sun, are currently unable to open sports books. The Connecticut legislature is not expected to tackle the issue of sports betting until next year, leaving the state’s casinos sports betting free for the time being.
Need a primer on sports betting? Check out this useful sports betting quick start guide provided by Twin River then pick your favorite team and head over to the first legal sports book in New England!