Rhode Island’s sports betting market achievied its best month to date for March, although the figures were still short of the profit the state had originally anticipated.
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.”
