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The passage of legislation in Rhode Island has provided a boost to the US iCasino market, with Bally’s and IGT set to be the sole operator and supplier, respectively. The market is expected to open in March of next year and is projected to be worth around $130 million in gross gaming revenue (GGR) at maturity. Estimates from JMP suggest the market could be slightly higher at $135 million, while Wells Fargo’s team estimated that Bally’s alone could generate revenues of approximately $35 million to $40 million from the state.
It’s worth noting that there are limitations to the offerings in Rhode Island, with only table games allowed and no roulette permitted for live dealer games. Nevertheless, this development is welcome news for Bally’s, especially considering the temporary closure of its online sports betting offering, Bally Bet, as it prepares for a relaunch on the Kambi platform. The analysts at JMP see this additional $15 million to $20 million in free cash flow as significant and a positive development for a leveraged, regional-focused operator like Bally’s.
Sports Betting IPOs on the Way & iBET Sports Betting & Gaming ETF (IBET)With the IPO market starting to open up, Sports Betting IPOs are on deck for the US […]
