Rhode Island’s sports betting delay could cost millions

The state had pushed back the launch of sports betting from October 1 to the end of November.

US.- According to new estimations, Rhode Island will collect approximately US$5 million less in revenue than what it was expecting due to a push back on the date to launch sports betting. It was expected that the new market would debut by October 1, but the date has been pushed to “around Thanksgiving” (end of November).

Lawmakers approved sports betting at the Twin River Casino, and the state budget estimated US$23 million from the modality into the fiscal 2018-2019 budget. However, as the launch has been pushed, analysts cut the total by US$12 million, according to new numbers from the Revenue Estimating Conference.

State revenues are expected to reach the US$4 billion market, approximately US$200 million higher than last year’s budget. “I am pleased to see our revenue estimates are mostly holding this year and staying strong for next year,” said the House Finance Committee chairman, Marvin Abney. “We will continue to keep an eye on items with the greatest uncertainty, like sports betting, which has been delayed several weeks.”

Despite the optimism from Abney, Senate president Dominick Ruggerio said: “I am frustrated with the delay in the implementation of sports gaming and hopeful that it will be available in the very near future. Sports gaming provides the state with revenue that offsets reliance on taxes to support essential state services, such as education and fixing roads and bridges. I support expansion of sports gaming as an entertainment option for Rhode Islanders, and my staff is currently researching mobile gaming as we prepare for the 2019 session.”