The Rhode Island Lottery has delivered a hefty $426.4 million check to the state’s General Fund for the fiscal year ending June 30, 2024. But while the payout sounds impressive, it’s a slight drop from the previous year, with the state pocketing $8.2 million less than in 2023. This payout comes after the Lottery accounted for prize awards, commissions, and various gaming expenses.
The latest figures were revealed in a report released by Auditor General David A. Bergantino and the Joint Committee on Legislative Services. Auditors gave the thumbs-up, confirming the numbers are legit and comply with U.S. accounting standards.
While the overall revenue took a hit, the Lottery’s total gross profit from gaming operations before operating expenses hit $436.5 million. But not every corner of Rhode Island’s gambling landscape is rolling high.
Video Lottery Still the King, but Slipping
Video lottery remains the big moneymaker, pulling in $314.9 million—over 72% of the total gross profit. However, video lottery revenue dropped 1.8% compared to the previous year, signaling that even the most popular gaming segment is feeling the squeeze.
Jackpot Fever Boosts Online Games
On the flip side, online drawing games like PowerBall® and Mega Millions® saw a 2.4% rise, with gross profits hitting $52.1 million. Thanks to a few jaw-dropping jackpots north of $1 billion, gamblers in Rhode Island couldn’t resist chasing the dream.
Instant Tickets and Table Games See Decline
But it wasn’t all wins. Instant ticket sales took a 7.7% tumble, bringing in just $22.4 million. And the table games weren’t any luckier—revenue from blackjack and other table games fell by 4.1%, leaving the state with $20.3 million after commissions and expenses.
Sports Betting Takes a Hit, iGaming Enters the Arena
The sports betting sector got blitzed by rising competition from neighboring states. Gross profit from sportsbooks plummeted by 24.8%, with Rhode Island only banking $19.2 million after costs. As gamblers turned elsewhere, the state felt the loss to the tune of $6.3 million compared to last year.
In March 2024, Rhode Island finally got into the iGaming game, though the early numbers were modest. The online casino games made a gross profit of $3.6 million, but it’s early days for the newest player on the block.
While Rhode Island still raked in big bucks, the slight downturn across several sectors raises eyebrows. As neighboring states ramp up their gambling operations, all eyes are on how Rhode Island’s gaming sector will adapt to keep the cash flowing into the state’s coffers.
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