Rhode Island Lottery revenues came in at $35.7 million less than what legislators expected in a budget passed in June: $377.1 million.
A hit to the two casinos operated by Twin River was expected when Encore Boston Harbor opened in June, but the first three months were much worse than anticipated. Twin River’s slot revenues were $295 million, below expectations by $13.9 million. Table game profits were $15.1 million, $4.8 million less than anticipated.
Expected profits from the launch of mobile wagering was also a disappointment, less than half what the lottery had anticipated. Analysts had projected that wagers would be at least $595 million on the new mobile app. That’s been cut to $105 million.
Again and again, Rhode Island officials have overestimated what sports betting would bring to the state. In January, Governor Gina Raimondo assumed $30 million sports betting taxes. Revised estimates now expect it to reach $16 million—in 2021.
