The total revenue generated from sports betting since November 2018, is $150,000. The figures mock the state’s projections of $11.5 million which is expected for the fiscal year ending June 30.
The figures are from the wagers at both the twin river casinos. In February a total of 20.7 million was wagered in sports betting at the facility and the winning bets paid were worth $21.6 million.
51% of the sports betting revenue goes to the state. For other states, sports betting has not been very profitable in February. However, with online sports betting in New Jersey, the state grossed $1.7 million in revenues.
While the revenues from sports betting have not been as expected for states where it is legalized, for Rhode Island it has been worse so far. With March already coming to an end, Rhode Island has only managed to get 1.3% of what they had projected.
Paul Grimaldi, Rhode Island Department of Revenue spokesman, agreed that it would be difficult to get around the projected figures.
In a statement to the press, on Friday, he said: “We’ll be better able to project revenue as we get more experience. I think the people who set their budget gave their best estimates based on the information they had and what the consultants were telling them. In some ways, we’re learning a hard lesson.”
Earlier, this week Governor Gina Raimondo had signed the bill to make online sports betting legal in Rhode Islands. That could help the twin river casinos and the state to earn additional revenue.
Raimondo had stated earlier that she expects revenue from sports betting for the financial year ending June 30 to be around $30 million. However, from the current position, it is highly unlikely that the state will be able to generate the said revenues.