Sports Betting Now Legal In Rhode Island USA

Published Saturday, June 30, 2018 - Online-Casinos.com
Sports Betting Now Legal In Rhode Island USA

The times are changing rapidly in the USA with regards to gambling the many jurisdictions in the country are jumping onto the sports betting bandwagon. It is a gamble that political leaders in the various states will make now that it is federally legal to offer sports betting to adult citizens.

The risk factors are high for the political leaders when sorting out the process of legislating and implementing a sports betting offering and regulatory platform acceptable to both operators and government.

Examples of the difficulty of this process starts with Pennsylvania being one of the first states to consider legal sports betting in its domain. Politicians in the Keystone State took the leap of faith that the Supreme Court would overturn the old law and passed a law in 2017. The gamble has not really paid off because Instead of following the lines of Delaware and New Jersey, or replicating taxes in the same manner as Nevada, the politicians tripled the state fees, ending up with a total of 36% on all winnings. With a $10 million fee to obtain a sports betting license, partners and sports betting companies have remained distant assessing the potential after costs.

The model presented by other jurisdictions such as New Jersey and Delaware which legalized sports betting with just about 10% in fees on all winnings,

Now Rhode Island has become the third state in the US to legalize sports betting but high fees might kill revenue opportunities with the fee structure proposed. Rhode Island Governor Gina Raimondo opened the opportunity for sports betting within the Ocean state. Its projected that the approval will bring in additional revenue. Rhode Island is imposing a 51% in tax on all winnings. A sure win for the government but maybe not with the highest in the nation.

 

 

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