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More than anything else, the legal sports betting industry is about politics and law. We mean, this entire boom began with a law decision in 2018 when the Supreme Court sided with the state of New Jersey — lifting the federal ban on sports gambling nationwide.
That kickstarted the boom, but fuel was added to the fire by lobbyists and political spending. Top betting apps like DraftKings and FanDuel spent fortunes winning over politicians and public opinion. It worked because there are now 39 out of 50 states that’ve legalized.
We bring this up because a political move in Delaware recently caught our attention. You see, sports betting in Delaware is a monopoly. Only one operator, BetRivers, has access to the market. No BetMGM. No Fanatics. No DraftKings. Just BetRivers. Here’s what they did that, in a roundabout way, makes sure that stays that way.
BetRivers Hires Former Delaware Governor
Rush Street Interactive (RSI), the parent company behind BetRivers, has appointed former Delaware Governor and U.S. Ambassador Jack Markell to its board of directors. The move was announced earlier this April.
“We are excited to welcome Jack to our board,” RSI CEO Richard Schwartz said in a statement. “His experience in business and government will be invaluable as we continue to expand our footprint across the Americas and enhance our offerings. We look forward to his contributions and are confident that his expertise will help drive our future success.”
To include Markell, RSI expanded its board from nine to eleven members (Delaware Street Capital Founder Andrew Bluhm was also added). Markell got Class III director status in a term that will last until the company’s 2026 annual meeting of stockholders — if not extended from there.
Markell had had quite the career arc, mostly in the public sector. He served as Delaware’s 73rd governor from 2009 to 2017 and as the state’s treasurer for a decade before that. But under Joe Biden’s presidency, Markell served as the U.S. Ambassador to Italy and San Marino from September 2023 to January 2025. Taking this RSI position returns him to the private sector.
It’s not that Markell hasn’t been in the private sector, though. Previously, he held various executive roles in corporate development, investor relations, and strategic management. His board experience spans organizations such as Upstream USA, Symbiont.io, and Light & Wonder, Inc. (formerly Scientific Games Corporation).
In the official SEC filing, RSI said that the 73rd governor was selected to join the board due to his “extensive expertise in government relations, corporate development and strategic management.” They might be selling their intentions short, which we’ll explain in the next section.
BetRivers Wants To Remain Only Show In Town
Let’s backtrack a tad here: just how did BetRivers end up as Delaware’s only betting option? This goes for sports betting AND casino play, by the way. BetRivers offers the two via online and three in-state casinos — Delaware Park, Bally’s Dover Casino, and Harrington Raceway & Casino. The iGaming option is rather unique as fewer than 10 states allow for it.
Welp, the Delaware Lottery and RSI signed a five-year agreement to do business in late 2023. The deal can be extended in 1-year increments (for up to 5 more years) at the lottery’s discretion. Delaware Lottery, by law, controls the state’s betting industry. Before BetRivers, a little-known company 888 had exclusivity. They dropped the ball (more on them soon), making way for RSI to swoop in.
But here’s the thing: there’s no guarantee this exclusivity lasts. Just last year, House Bill 365 was being kicked around. The bill called for the state to offer more than one betting option. This would be in line with most other states, which offer several top betting apps, not just one.
Neither Delaware Lottery or RSI were on-board with the expansion (the bill was led by lawmakers, not stakeholders). HB 365 never got around to passing, but it certainly opened Pandora’s box to what could be their fate inside the state.
All this makes the Markell inclusion so fascinating. Having the former governor is effectively an “ace up their sleeve” for RSI in case current lawmakers threaten their exclusivity again. Well played, BetRivers, well played.
BetRivers Has Boosted Delaware Market
By all accounts, RSI replacing 888 as the state’s betting partner has been a lucrative move — for BetRivers AND Delaware alike.
Take sports wagering, for example. 2024 was the first full year that BetRivers operated in the state. The year-over-year numbers were just bonkers across the board. In September — when NFL betting just started — Delaware did 20X more revenue in 2024 than 2023 for the same month (this was pre-Bet Rivers).
Over the full 2024 calendar year, the sportsbook handled a whopping $216.2 million in bets — a ridiculous 231% jump compared to last year. Out of all that action, they pulled in $24.9 million in gross gaming revenue, which marked a solid 71.2% climb. And for the state? The sportsbook chipped in $8.6 million in tax revenue, good for a 15% boost from 2023.
So yes, BetRivers is doing good business for themselves and the state. It makes sense for them to protect that business by adding one of the state’s biggest movers and shakers to its board. We wouldn’t be surprised to see more operators do something similar. The game is the game, folks!
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