BC-US--Sports Betting-Rhode Island,1st Ld-Writethru, US
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 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.