Rhode Island well behind sports betting revenue estimates, despite mobile app

According to Lottery figures released Monday, the state’s sportsbook at Twin River has made $3.1 million through Oct. 19, less than half the $6.9 million budgeted for the first quarter of the year. Rhode Island gets 51% of the money from sports betting; the state budget for the year ending next June assumes $22.7 million in revenue from sports betting.

Despite the convenience of mobile wagers from anywhere in Rhode Island, the state is again well behind its sports-betting revenue estimates more than three months into the fiscal year, Providence Journal reports.

Online sports betting launched Sept. 4, and more than 12,000 people have registered online accounts. To place bets, customers have to go to Twin River in person to activate their accounts. So far 45%, or fewer than 6,000, have done so.

Although Rhode Island sports betting isn’t making as much as budget officials had hoped so far this year, the business is growing since in-person, legal sports betting launched last November.

The Lottery reported the total amount bet in September was 75% higher than last December.

Just under half the wagers are on professional football, with 27% on college football and 16% on baseball.

The Lottery revenue report doesn’t account for seasonal variations in the sports betting market; a separate analysis from the Department of Revenue suggests that, at least through the end of September, state sports-betting profits are on target.

The Department of Revenue report released Tuesday says on-site sports betting revenue through September was $500,000 ahead of estimates and remote sports betting was about $500,000 behind.

“It is consistently getting better” Lottery Director Gerald Aubin told the Joint Committee on the state Lottery on Monday.

Overall Lottery revenue is running $4.8 million under budget, or 7.3% below, through September, according to figures released by the Department of Revenue last Friday.