Lottery cuts expectations for sports betting revenue in half
By The Associated Press
PROVIDENCE, R.I. (AP) _ The Rhode Island lottery now says sports betting is expected to bring in about $15 million in the next fiscal year, instead of $30 million.
The new estimate is based on a consultant’s report.
Revenue Department spokesman Paul Grimaldi said Tuesday it’s more in line with what the two sportsbooks have experienced so far. The official revenue target will be set next week.
The governor’s proposed 2020 budget for the 2020 fiscal year counted on $30 million.
The department is using projections based on the current gambling landscape _ $2.65 million from sports betting this year and $14.8 million next year, growing to $30.6 million by the 2024 fiscal year.
The consultant says revenue would decline if a casino opens in Taunton, Massachusetts or if sports betting is legalized in Massachusetts or Connecticut.
©WLNE-TV / ABC6 2019