Wrong End of Stick<\/strong><\/h2>\nThe 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>\nThe $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":"\n
Rhode Island Sports Betting Market Books Record June Revenues<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n