A gambling technology and slot machine company is extending its stay in one of the first states in America to authorize legal sports betting.
International Game Technology has signed a three-year contract extension with the Rhode Island Lottery to provide the state with its PlaySports technology through 2026. IGT’s PlaySports technology powers online sports betting in Rhode Island in partnership with William Hill — one of the largest providers of online sports betting sites in the world.
“IGT recently invested significant resources to enhance our sports betting platform and mobile app,” said Rhode Island Lottery Director Mark Furcolo. “These upgrades will enable us to maximize revenue and offer a solution that remains competitive among neighboring states in this dynamic, regional sports betting market."
IGT has worked with William Hill and the Rhode Island Lottery since 2020 by elevating its mobile sports betting app both visually and through function. In addition to providing its PlaySports Technology and enhancing online betting, IGT also exclusively supplies the Rhode Island Lottery with services for its lottery, iLottery, instant ticket, and video lottery offerings.
IGT extending its contract in Rhode Island comes as the company expands its sports betting footprint in the U.S. In February, IGT announced an agreement to provide Treasure Bay Casino and Hotel in Biloxi, Mississippi with its PlaySports technology. A month later, the company agreed to provide Ohio’s BetSkybox with its technology at restaurants and bars across the state.
Last week, IGT secured access in New Mexico with a deal with the Pueblo of Santa Ana tribe. IGT PlaySports has a presence at more than 80 gaming venues across the U.S. and Canada.
IGT’s willingness to expand follows favorable financial results for the company in 2022. IGT generated $4.2 billion in revenue in 2022 – a 3% increase year-over-year. It returned a record $276 million to shareholders during the financial year and also reduced debt by $771 million.
IGT projects full-year revenue to range between $4.1 billion and $4.3 billion in FY2023.
Profitable Investment
Rhode Island was one of the first states to legalize sports betting in 2018 after the U.S. Supreme Court authorized jurisdictions outside of Nevada to offer wagering. The Ocean State has one online sportsbook — Sportsbook Rhode Island, which is operated by the state’s lottery.
Rhode Island offers retail sports betting through Sportsbook RI at two of its casinos, which are owned by Bally’s Corporation. In 2022, Rhode Island reported $517 million in operating revenue from its state-sanction sportsbook — a 46.5% increase year-over-year.
The uptick was attributed to the growing popularity of mobile sports wagers, which made up $290.5 million of that revenue.
