- Joined
- Jan 14, 2008
- Messages
- 63,364
SOURCE
The new estimate is based on a consultant’s report, and Revenue Department spokesman
Paul Grimaldi said it’s more in line with what the two Sportsbooks have experienced since launching Sports Betting late last year.
The official revenue target will be set next week.
Most of the states that moved quickly to legalize Sports Betting after the Supreme Court cleared the way are still waiting for the expected payoff. Tax revenue has fallen far short of projections in four of the six states where gambling on sporting events started last year, according to an Associated Press analysis .
The Rhode Island governor’s proposed 2020 budget counted on an estimate of $30 million from Sports Betting next yea r. But the consultant, Christiansen Capital Advisors, LLC, projects the state won’t make that much off Sports Betting annually until 2024. It estimated Sports Betting would bring in $2.65 million this fiscal year.
Those numbers are based on the current gambling landscape and will be lower if a casino opens in Taunton, Massachusetts, or if Sports Betting is legalized in neighboring Massachusetts or Connecticut, according to the consultant.
Rhode Island had expected to make $11.5 million off Sports Betting this year. Among the reasons it missed its targets was an all-too-predictable Super Bowl. When the Patriots won, again, and covered the spread, too, the state’s Sportsbooks lost $2.35 million.
The new estimate is based on a consultant’s report, and Revenue Department spokesman
Paul Grimaldi said it’s more in line with what the two Sportsbooks have experienced since launching Sports Betting late last year.
The official revenue target will be set next week.
Most of the states that moved quickly to legalize Sports Betting after the Supreme Court cleared the way are still waiting for the expected payoff. Tax revenue has fallen far short of projections in four of the six states where gambling on sporting events started last year, according to an Associated Press analysis .
The Rhode Island governor’s proposed 2020 budget counted on an estimate of $30 million from Sports Betting next yea r. But the consultant, Christiansen Capital Advisors, LLC, projects the state won’t make that much off Sports Betting annually until 2024. It estimated Sports Betting would bring in $2.65 million this fiscal year.
Those numbers are based on the current gambling landscape and will be lower if a casino opens in Taunton, Massachusetts, or if Sports Betting is legalized in neighboring Massachusetts or Connecticut, according to the consultant.
Rhode Island had expected to make $11.5 million off Sports Betting this year. Among the reasons it missed its targets was an all-too-predictable Super Bowl. When the Patriots won, again, and covered the spread, too, the state’s Sportsbooks lost $2.35 million.
