PROVIDENCE – Rhode Island's share of online gaming revenue reached $2.3 million from April 24 to May 24, a roughly 8% increase over the prior month, according to the latest report from the R.I. Lottery.
Total wagers during the 30-day period hit $61.2 million. Broken down, online slots and table game wagers accounted for $33.8 million and $27.5 million, respectively. The largest increase was from slots, which accounted for 72% of the total contribution and where total receipts jumped $8.2 million month over month.
The state has now collected more than $5.5 million minus expenses and commissions s
ince iGaming was launched the first week of March. There has been a total of $140.3 million in wagers to date.
Nearly 62% of the slot revenue and 15% of the table game revenue will go to the state, which Bally’s Corp. estimates could be $210 million over five years. A separate state-backed study by Christiansen Capital Advisors LLC estimated $162 million for the same period.
Bally’s completed a 4,000-square-foot studio on the second floor of its Bally’s Twin River Lincoln Casino where live dealers run blackjack and roulette table games and are simulcasted eight hours a day.
So far, iGaming’s performance in fiscal 2024 to date is in line with previous estimates, which were expected to yield at least $4.7 million through June 30, according to the R.I. Department of Revenue.
The most recently available DOR collection report shows $1.2 million has been transferred from the R.I. Lottery from iGaming since the March 5 launch date.
As of April 30, 2024, the lottery’s total transfer to the state's General Fund is approximately even with the May 2024 Revenue Estimating Conference budgeted figure.
During the May 20 meeting of the Permanent Joint Committee on the State Lottery, R.I. Lottery Director Mark Furcolo said there were 9,111 iGaming customers as of May 1, averaging 149 new customers signing on daily since the launch. State iGaming revenues reached $250,000 the week of May 5 alone.
There was $25.5 million on slots wagered for the full month of April and $22.5 million bet on table games. Month over month revenue was up $1.2 million, or 72% compared to March.
The overall lottery revenue transfer to the state General Fund is projected to increase by $20.6 million in fiscal 2025 over 2024.
Lottery spokesperson Paul Grimaldi on Tuesday said full-month numbers for May would be available in the coming weeks. The next commission meeting date has yet to be scheduled.
Bally's released its first-quarter financial results last month, where CEO Robeson Reeves noted the Rhode Island iGaming launch has "ramped up nicely" and that the company believes "this momentum will continue to build through [2024]."
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
