June was by far the best month for casinos offering sports betting operations in Rhode Island.
According to the figures released by the state lottery commission on Wednesday, the bettors in Rhode Island wagered $14.7 million on various sporting events at the state’s casinos in Lincoln and Tiverton.
Though the amount wagered on sports at the state’s casinos was lowest when compared with other months in 2019, the house made $2.1 million in profit. It is also the most profitable month since sports betting was legalized and launched in Rhode Island in November last year.
Of the total operating profits, the state receives 51 percent minus the expenses. The bookmaking and technology team of IGT-William Hill takes 32% and casino operator Twin River gets 17%.
Earlier this year in June, amidst fierce competition from neighboring casinos, the twin river casinos in Rhode Island sought additional funds for marketing.
Moreover, in May, slicing the revenue expectations 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 state was expecting to generate $11.5 million for the fiscal year ending June 30.