Legalized sports betting has failed to generate the revenue expected in Rhode Island.
The state initially budgeted for $23.5 million in gambling related revenues for the fiscal year ending in June 2019.
The target was lowered to $11.5 million in January, but R.I. lottery officials are reporting that the state has posted just 1.3% of that total ($150,000) to date.
Governor Gina Raimondo attributed the shortfall to a later start than anticipated, but wagering volume (of course, less than expected) and gambler performance (better than expected) have also made rebalancing the budget a priority.
While it’s all but assured that Rhode Island will fall short of January’s revamped projection, it should experience significant revenue growth in 2020; Raimondo recently signed a bill that will permit online sports betting within the state.