Delaware is pushing for more iGaming operators to enter the state. The online sports betting industry in the First State is currently under BetRivers’ monopoly.
The proposal suggests that the online sports gambling market would prosper with more industry competition. In some ways, the move will directly impact BetRivers’ monopoly rule in Delaware.
The First State was among the first to allow betting on pro and college sports at physical outlets. However, it also launched its online sports betting platform in December 2023. The state took a huge step by joining hands with BetRivers in the summer afterwards.
BetRivers seized the opportunity to dethrone 888 Holdings to become the premium iGaming and sports gambling operator in Delaware. It instantly became one of the best sports betting sites USA after the integration.
However, House Bill 365 advocates for bringing BetRivers’ dominance to an end. The lawmakers are proposing to attract new blood into the industry. Franklin Cooke, the state representative, proudly proclaimed the bill.
Cooke stated that the addition of new online netting projects will bring in more revenue. Programs for the education, assistance, and treatment of problematic gamblers can benefit from this revenue.
The regulators believe that the introduction of new iGaming operators can add up to 400,000 dollars to the state’s annual benefit. According to the proposal, the license for every new sportsbook would cost $500,000 over five years.
Their gross revenue will attract 18% tax, with 1.5% of the overall sports betting win benefiting horse racing purses. Moreover, 80.5% will be divided between the casino and the sportsbook. Even then, BetRivers will continue its monopoly over retail sports betting across three casinos and several outlets.
The bill has been sent to the House Administration Committee for review. With nearly 1 million residents, Delaware ranks 46th among the US states in terms of population. The state stands to charge 100,000 dollars in annual fees and a 20% tax on gross revenue if Bill 365 passes.
