"The town was under the rule of Shahu Maharaj of Kolhapur of the Bhonsle dynasty. The pace derives its name with two different names.'Rai' means king and and 'bagh'means tiger.
Raibag taluk is famous for its annual temple fair of goddess Mayakka Devi which takes place in a village named Chinchali. Mayakka Devi is a manifestation of Mother Goddess Shakti. She is worshipped mainly in Northern Karnataka and South Maharashtra. This is considered to be the Karnataka's second largest fair after Saundatti Yellamma. The fair and festival includes numerous rituals the most important being chariot pulling.
The town also is home to two sugar and a fertilizer factory providing employment opportunities. It has very old railway station which was made by Britishers to keep control on this territory which they used for military administrating office.
It is a reserved for SC candidate. Duryodhan Mahalingappa Aihole is sitting BJP MLA. The constituency was unreserved only for two terms in 1967 and 1972. The Congress party has registered highest number of victories. The constituency has never seen any female candidate contesting the election from any political party here. "