Rhode Island’s sports gambling market sees substantial gains as fiscal year ends
The state’s fiscal year wrapped up in June and brought in substantial sports gambling revenue
As Rhode Island closed its 2020 fiscal year on June 30, the final numbers for the total sports gambling handle were revealed. The popularity of the activity has increased considerably in the state, as Rhode Island tripled the revenue collected in 2019. To be fair, 2019 only recorded eight months of revenue; however, the coronavirus pandemic also took a toll on this year’s numbers. Regardless of the situation, sports betting became the third-largest source of revenue for the Ocean State.
The legal sports betting market reported $18.7 million in revenue for the most recent fiscal year. Compared to the $6.9 million collected in 2019, it represents nearly 300% more. Rhode Island’s sports betting market was launched in 2018 and the expectations were for the state to see $11.5 million in total revenue, but things didn’t go as planned. As a result, during the first four months of operations, the state saw only $150,000.
This huge difference was attributed to the fact that sports betting was only available at the two Twin River casinos located in the state until the legislation was amended to include mobile sports betting, which changed everything.
The online service platform was launched in September last year, so the state has seen the value in this decision.
The Rhode Island Lottery recently released its revenue report for this year and reported a 171% increase compared to 2019 figures. Through online betting platforms, the total handle was around $50 million, of which the state received $3.8 million after expenses. Now that Rhode Island has reported $18.7 million for the year, it has finally surpassed its original estimates of the market size.