PROVIDENCE – The R.I. Lottery paid $434.7 million to the state’s General Fund, according to the annual report on state gambling operations for fiscal year 2023 released Tuesday by the Joint Committee on Legislative Services and the R.I. auditor general.
The analysis looked at net income after payment of prize awards, commissions, and administrative and operating costs. All told, lottery revenue “continued to experience significant recovery” compared with 2022, transferring an additional $46 million to state coffers.
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Video lottery accounted for $320.5 million, representing 72% of the total; gross profits from gaming operations before operating expenses totaled $446.1 million; online games increased by 14.4% to $50.9 million.
The report cites an increase in wagering on larger jackpot prizes for Powerball and Mega Millions, three jackpots of which exceeded $1 billion.
Net revenue from table games totaled $136.6 million, with the state’s share amounting to $21.1 million, as the state receives 15.5% of table game revenue.
The report notes that the arrival of sportsbook wagering in Massachusetts in fiscal 2023 increased regional competition for revenue. Sportsbook revenue in Rhode Island decreased 1.5% to $509.5 million in fiscal 2023 compared with fiscal 2022, with $331.9 million of that total coming from online or mobile wagers.
The R.I. Sportsbook grossed $25.5 million after overhead and payouts, an increase of $5.7 million over the previous year. Net sportsbook revenue increased $11.1 million “as increases in mobile sports betting offset some of the reduction in on-premises wagering at Bally’s Twin River Lincoln Casino,” according to the report, which said that instant-ticket games brought in $24.3 million in gross profit last fiscal year.
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.
