Nearly 2 Months Late, Millions Lost in Revenue to RI — Sports Betting Launches in RI on Monday
Thursday, November 22, 2018
Rhode Island has lost millions of dollars of anticipated revenue, the initiative has had multiple delays, and now finally, the sports betting program is limping towards its launch on Monday.
The program missed three previous deadlines and experts in Nevada say the late launch has caused the state to miss out on the lions share of the annual sports betting take. Rhode Island was counting on $23 million in revenue.
The sports betting will kickoff at Twin River’s Lincoln location with legislative leaders making ceremonial bets, but neither the state nor Twin River is announcing when the Tiverton facility will go online.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTAs GoLocal reported in September, during September and October of 2017, statewide reports from the Nevada Gaming Control Board and Gaming Commission show that Nevada casinos took in a combined $56.4 million in sports betting revenue from football alone, 73 percent of the annual total for the sport.
"November is pretty deep into the football season, so there's definitely a large potential for loss in Rhode Island, though it's impossible to say for sure," said Dr. David Schwartz, Director of the Center for Gaming Research at the University of Nevada, Las Vegas.
"Football betting seasons are generally big revenue drivers," Schwartz told GoLocal.
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