Rhode Island Posts Record Sports Betting Revenue In April

Rhode Island Posts Record Sports Betting Revenue In April

Rhode Island generated $ 2 million in revenue from sports betting in April, by far the highest grossing month since Governor Gina Raimondo signed sports betting regulation bill last year.

However, Rhode Island has been battling with overestimated expectations in terms of revenue from sports betting. Rhode Island has been one of the early adopters as it was amongst the first six states that legalized sports betting last year after the US Supreme court allowed the states to regulate sports gambling.

Earlier in May, 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.

When Governor Gina Raimondo had signed the bill in November last year, she 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, was only $150,000, until March.

Sports betting is currently available in Rhode Island at its two casinos. It is yet to launch mobile sports betting.

Also, there has been a lawsuit filed by Republican Daniel S. Harrop, who is contesting that the recent legalization of sports betting in the state is unconstitutional. It alleges that the recent legalization of sports betting is a violation and infringement of the rights of the people and as such it is unconstitutional; therefore pleading that it should be abrogated.

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