- Rhode Island was on pace to meet yearly sports betting revenue estimates ($14.8 million) that were budgeted for.
- Readjusting their previous FY projections multiple times, Rhode Island has consistently overshot the number.
- COVID-19 might be the problem this year, or RI could receive a needed online boost from Massachusetts bettors.
LINCOLN, R.I. – Although Rhode Island is known for drastically overshooting their sports betting revenue projections, the COVID-19 crisis may take the blame for this year’s failed expectations.
Currently, Rhode Island has collected roughly $9 million over its fiscal year – only about $5 million away from the projected $14.8 million set by Christiensen Capital Advisors before the July 1 FY start date.
With four months to go on the fiscal year, Rhode Island would need to have the online sportsbook hold about $10 million in that span. Because Rhode Island receives 51% of all sports betting revenue as a tax contribution, the state would need the book to average $2.5 million a month in revenue.
Looking back at the successful NFL season, it is easier to determine that reaching this goal will be a difficult task. RI consistency collected $1.25 million in monthly tax revenue through the six-month betting season and Rhode Island sportsbooks handled roughly $170 million in bets on all sporting events.
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With COVID-19 shutting down the heavy majority of state-licensed sports to bet on, Sportsbook Rhode Island only has offerings such as Nicaraguan soccer and table tennis.
While some are betting just to get action, there may be an uptick in revenue as well over half of Rhode Island’s handle comes from the land-based sportsbook at Twin River Casino. While this certainly has the impact of Massachusetts bettors crossing into RI to place their bets, one benefit for Rhode Island may be the ability of bettors to sign up at home.
While states like Iowa require in-person registration to begin mobile betting, Rhode Island sports bettors can access and fund their online betting platform under quarantine. The out-of-staters would still need to travel inside Rhode Island state lines to place their bets, but this could be the saving grace or at least a major boost to the legal sports betting industry as a whole during this time.
Michael spends most of his time betting on over/unders and analyzing algorithms in attempts to beat the book. His focus on statistics comes from an early understanding of mathematics as well as knowledge of opportunity costs. Michael enjoys playing basketball and reading about the NBA whenever he has the free time. When he is not writing, he can be found in Mississippi hitting the sportsbooks and enjoying a margarita… on the rocks, no salt.
