{"id":110731,"date":"2019-07-31T05:35:53","date_gmt":"2019-07-31T12:35:53","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=110731"},"modified":"2019-07-31T08:53:14","modified_gmt":"2019-07-31T15:53:14","slug":"rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start\/","title":{"rendered":"Rhode Island Sports Betting Market Books Record June Revenues, Showing Signs of Life After Disastrous Start"},"content":{"rendered":"

After a torrid start, a glimmer of hope for Rhode Island\u2019s sports betting market. The state\u2019s two sportsbooks reported their best month revenue-wise in June, according to figures newly released by the Rhode Island Lottery.<\/p>\n

\"Rhode
The sportsbook at the Twin River in Lincoln had its best month since the launch of the sports Rhode Island sports betting market last December. (Image: Steven Senne\/ AP)<\/figcaption><\/figure>\n

The sportsbooks at Twin River Lincoln and Twin River Tiverton collectively recorded revenues of nearly $2.2 million \u2013 that\u2019s a 139 percent increase on the $899,165 collected in May. Best of all, they achieved those figures when there wasn\u2019t a great deal of sports going on \u2013 besides Major League Baseball, the major events of the month were the NBA Finals and the Joshua-Ruiz fight. This all bodes well for the return of the NFL season in September.<\/p>\n

Bookies will also be hoping the New England Patriots don\u2019t win the Super Bowl this season. Last February was a disaster for the sportsbooks, which actually lost $890,000 for the month at a time when the market was barely four months old.<\/p>\n

Regional bias meant that almost everyone in Rhode Island bet the Patriots to win the Super Bowl resulting in a $2.4 million loss<\/a> for bookmakers on the big day. The incident highlights the challenges faced by operators in the newly liberalized US markets, who are prevented from laying off bets in other markets with different regional biases because the federal Wire Act prohibits interstate sports betting transactions.<\/p>\n

Skewed Projections <\/strong><\/h2>\n

The writing was on the wall for the Rhode Island sports betting market long before its launch in November 2018. While 18 operators expressed an interest in a request for proposal (RFP) process, only one applied<\/a> for a license, Rhode Island\u2019s existing lottery operator IGT, which already had offices in the state.<\/p>\n

\n

This was almost certainly due to the 51 percent tax the state imposes on operators, which makes Rhode Island the most highly taxed sports betting jurisdiction in the world.<\/p>\n<\/div>\n

While revenues have improved after a stuttering start, they\u2019re still well below projections touted by lawmakers before the market launched.<\/p>\n

The state expected sports betting to generate $11.5 million in taxes between November last year and June 30. In fact, it has generated just $3.5 million.<\/p>\n

Wrong End of Stick<\/strong><\/h2>\n

The American Gaming Association (AGA) said in April this year that the shortfall exists because Rhode Island had misunderstood a study it had produced on the state\u2019s market potential.<\/p>\n

Prior to market launch, the AGA study presented several projections based on different tax combinations and sports betting availability.<\/p>\n

\u201cUnder the scenario closest to what Rhode Island implemented, we estimated that Rhode Island would generate $6.4 million in sports betting gaming tax revenue [per year], $17.1 million less than the state projected,\u201d AGA Media Relations Director Caroline Ponseti told GoLocal News<\/em> in May.<\/p>\n

The $17 million projection was based on a mature market, which is three to four years away, a tax rate of 15 percent, and legal framework that did not include any \u201cunusual restrictions,\u201d such as Rhode Island\u2019s prohibition on in-state college sports bets.<\/p>\n

Reacting to the mistake, in March Rhode Island\u2019s Democratic Governor Gina Raimondo signed off an amendment allowing mobile sports betting, but this is currently being challenged by a lawsuit filed by state Republicans that argues the amendment was unconstitutional. However, state officials expect it to be operational in the near future.<\/p>\n","protected":false},"excerpt":{"rendered":"

After a torrid start, a glimmer of hope for Rhode Island\u2019s sports betting market. The state\u2019s two sportsbooks reported their best month revenue-wise in June, according to figures newly released by the Rhode Island Lottery. The sportsbooks at Twin River Lincoln and Twin River Tiverton collectively recorded revenues of nearly $2.2 million \u2013 that\u2019s a […]<\/p>\n","protected":false},"author":36,"featured_media":110733,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\nRhode Island Sports Betting Market Books Record June Revenues<\/title>\n<meta name=\"description\" content=\"Rhode Island sports betting shows signs of life after Twin River sport books post record revenues in June but figures still short of pre-market projections.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rhode Island Sports Betting Market Books Record June Revenues\" \/>\n<meta property=\"og:description\" content=\"Rhode Island sports betting shows signs of life after Twin River sport books post record revenues in June but figures still short of pre-market projections.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-31T12:35:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-31T15:53:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/07\/TWIN-SB.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"778\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start\/\",\"url\":\"https:\/\/www.casino.org\/news\/rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start\/\",\"name\":\"Rhode Island Sports Betting Market Books Record June Revenues\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/07\/TWIN-SB.jpg\",\"datePublished\":\"2019-07-31T12:35:53+00:00\",\"dateModified\":\"2019-07-31T15:53:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Rhode Island sports betting shows signs of life after Twin River sport books post record revenues in June but figures still short of pre-market projections.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/rhode-island-sports-betting-market-books-record-june-revenues-showing-signs-of-life-after-disastrous-start\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/07\/TWIN-SB.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/07\/TWIN-SB.jpg\",\"width\":1200,\"height\":778,\"caption\":\"The sports book at the Twin River in Lincoln had its best month since the launch of the sports Rhode Island sports betting market last December. 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He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. 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