The bill amends Chapter 42-61.2 of the General Laws, which governs "Video Lottery Games, Table Games and Sports Wagering," by introducing new definitions and clarifying revenue calculations for online sports wagering. A key insertion is the definition of "Online sports-wagering revenue," which specifies that revenue will be calculated as the total cash received from online sports wagering minus player payouts and federal excise taxes for contracts entered into after the bill's effective date. For contracts established prior to this date, the revenue calculation will also consider marketing expenses.

Additionally, the bill establishes that the state will conduct sports wagering hosted by Twin River and Tiverton facilities, detailing responsibilities for revenue tracking, audits, and compliance monitoring. It allocates 12% of sports-wagering and online sports-wagering revenue to the state after a specified threshold is reached, while initially, the state will receive revenue until it meets the amount generated in the fiscal year 2025. Authorized sports-wagering vendors will receive 79.5% of the revenue until the state meets its fiscal year 2025 revenue target, while host facilities' share will decrease from 17% to 8.5%, provided that the host facilities have received $4,500,000.

The bill mandates the division to issue an open invitation for sports-wagering vendor contracts by January 1, 2027, awarding no less than four and no more than six contracts. It grants vendors authority over marketing, advertising, and promotions, as well as the ability to make operational decisions regarding revenue allocation. The act will take effect upon passage.