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May 22, 2024

Bally's Proposes Doubling Gambling Credit Limit to Attract High Rollers in Rhode Island

Key Takeaways

Bally's Proposes Doubling Gambling Credit Limit to Attract High Rollers in Rhode Island
  • Bally’s seeks to increase the gambling credit limit from $50,000 to $100,000 at its Rhode Island casinos.
  • The move aims to keep Rhode Island competitive with neighboring states, attracting high-stakes gamblers.
  • Concerns over financial oversight are addressed with rigorous checks, targeting a niche group of casino visitors.

In an ambitious move to attract more high rollers and stay competitive, Bally’s Corporation has set its sights on doubling the gambling credit limit at its two Rhode Island casino properties. Currently, Bally’s Twin River Lincoln and Bally’s Tiverton casinos offer a $50,000 limit, which the Providence-based entertainment giant wants to push to $100,000.

This proposal comes amid growing competition from neighboring states like Connecticut and Massachusetts, where casinos operate without such credit limits, making them more appealing to high-stakes gamblers. Bally’s initiative seeks to level the playing field, ensuring that Rhode Island remains a go-to destination for blackjack enthusiasts and other casino game players seeking the thrill of high-limit gambling.

While the proposal has stirred some concerns among Rhode Island residents, it has garnered support from key figures, including Senate President Dominick Ruggerio. Proponents of the bill have sought to alleviate fears by emphasizing the introduction of stringent credit checks and identity verification processes. These measures aim to ensure that the increased limit affects only a small, specific group of gamblers, although precise figures on the current number of players utilizing the $50,000 credit limit are not available.

The rationale behind this push is not only to attract high rollers but also to streamline transactions, reducing the need for large cash exchanges and making Rhode Island casinos more competitive, especially against the backdrop of online gambling platforms. Sites like Bovada, which welcome Rhode Island players, offer flexible deposit limits and have been drawing away potential casino visitors.

Rhode Island's reliance on casino gambling revenue, highlighted by the Rhode Island Lottery's record-breaking $434.7 million contribution to the state's General Fund in 2023, underscores the importance of staying competitive in the casino industry. By raising the gambling credit limit, Bally’s aims not only to enhance its offerings but also to secure a vital revenue stream for the state, ensuring that Rhode Island remains a key player in the regional gambling market.

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