State reaches new agreement with private lottery operator

PROVIDENCE, R.I. – Rhode Island has reached an agreement to extend the contract of the company running its lottery systems and sports betting.

Democratic Gov. Gina Raimondo and legislative leaders announced the terms Thursday, but the new contract still has to be executed.

In exchange for a share of lottery profits, IGT will pay the state $25 million, make $150 million in capital investments over the next 20 years and keep at least 1,100 permanent jobs in Rhode Island.

IGT will also maintain its corporate office in downtown Providence and bring its iLottery products to Rhode Island.

Legislative leaders introduced legislation Thursday to codify the agreement into law.

The contact was set to expire in 2023. It would’ve taken years to switch to a new contractor if the state wanted to.

Twin River, owner of Rhode Island’s two casinos, said the agreement was “unprecedented” and should’ve been bid on competitively.