Rhode Island sportsbooks made $1.5m in March, largely due to the NCAA ‘March Madness’ basketball tournament.
Since sports betting launched in November, a total of $1.8m has been made so far, with $925,000 heading to the state as part of its share; operators lost close to $900,000 for February as a result of the New England Patriots beating the Los Angeles Rams in the Super Bowl.
The budget lawmakers passed for the state had anticipated an income of almost $2m per month, which has not been attained.
The volume of bets in March saw $23.6m wagered and $22m paid out, while bettors wagered $20.7m in February.
At present, the state receives 51% of revenue, while IGT and William Hill get a 31% cut, with Twin River Casino receiving 16%.
Governor Gina Raimondo has revised the state’s budget plan for next year, revising its revenue expectations for next year from $23.5m to $11.5m. This will require the state to make profit of $900,000 per month.
She said in a State House interview: “I think in the long run the numbers are going to be what we thought, but we got a slower start. Maybe we should have known it was going to be slower and forecasted accordingly. I also think the world is changing and actually the money is going to be on the mobile phone.”
