R.I. sports bettors lose $1.5M amid March Madness

GAMBLERS LOST $1.5 million on sports betting in Rhode Island in March. / BLOOMBERG NEWS FILE PHOTO/ JUSTIN CHIN
GAMBLERS LOST $1.5 million on sports betting in Rhode Island in March. / BLOOMBERG NEWS FILE PHOTO/ JUSTIN CHIN

PROVIDENCE – Sports betting revenue after payouts in Rhode Island was $1.5 million in March, a sharp turnaround from an $890,623 loss in February, according to R.I. Lottery.

There was $23.6 million in sports bets placed in the state, with a payout of $22 million. March was the heaviest sports betting month for the state since the offering launched in late November. March included the traditionally well-bet-on NCAA Men’s Basketball Championship tournament, otherwise known as March Madness. Losses in February were, in at least in part, attributable to the New England Patriots winning the Super Bowl.

The state typically receives 51 percent of the share of sports book (the term applied to this type of gaming) revenue after commissions, and operating and allocated expenses, which itself is the money left over after paying out winnings that gamblers have earned. The remainder is then split between the casinos and the institution setting the betting odds.

Fiscal year to date at the end of March, sports bettor had placed $77.1 million in bets and were paid out $75.2 million, bringing total sports-betting revenue to $1.8 million, well behind early estimates. The state’s share of that number has not been released yet.

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Rhode Island lawmakers projected in their budget that the state’s 51% share of sports waging would bring in $23.5 million in fiscal 2019 but have since revised the figure down to $12 million.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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