Rhode Island Sports Betting Revenue Expectations Sliced By Half

Rhode Island Sports Betting Revenue Expectations Sliced By Half

The Rhode Island Lottery announced that sports betting would chip in only about $15 million in tax revenues for the next fiscal – less than 50 percent of what the state and the gambling regulator had anticipated at the time of legalizing sports betting in the state.

The sliced estimates are suggested by the analysts and are based on the revenues generated by the two Rhode island casinos so far. The two casinos launched sportsbook after sports betting was legalized in the final quarter last year. While the Revenue Department spokesman Paul Grimaldi has confirmed the shrinking estimates, he also indicated that the official targets would be set in the coming week.

The figures are not very welcoming for the states that legalized sports betting last year following the historic decision by the US Supreme Court which allowed states to legalize sports gambling.

Of the six states which legalized sports betting last year four of them have witnessed revenues falling short of the expectations, they had set while launching sports betting.

Earlier Governor Gina Raimondo had proposed a budget of $30 million from sports betting for the coming fiscal; however, it is time they reconsider and revise the targets because the total revenue generated from sports betting since November 2018, is only $150,000.

The figures mocked the state’s projections of $11.5 million which was expected for the fiscal year ending June 30. The state managed to raise only 1.3 percent of what it had expected earlier.

Earlier in March Rhode Island also legalized mobile sports betting as governor Gina Raimondo signed the bill introduced by Democratic Senate President Dominick Ruggerio and Democratic House Speaker Nicholas Mattiello. State governor also set a budget of $3 million from mobile gaming for the FY starting July 1.

Despite great betting in March on NCAA’s March Madness, the state’s sportsbooks could generate only $1.5 million in profits. March was also the most profitable month in so far.

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