Lawmakers in Rhode Island legalized sports gambling back in 2018. It’s proving to be a good decision, helping to bring the state millions in additional revenue every month. Unfortunately, sports betting revenue in Rhode Island dropped slightly in October.
This isn’t concerning, though. The sports betting industry in this state is still extremely strong. Let’s take a quick look at how much revenue dropped here last month!
Rhode Island’s Road to Sports Betting Legalization
With a population of just over one million people, Rhode Island isn’t typically thought of as a gambling hub. In recent years, however, this state has developed a sizable gambling industry thanks to a rising number of casinos and sports gambling options.
For years, PASPA prevented any states from legalizing sports betting. In May of 2018, this all changed. The US Supreme Court removed PASPA that month, giving every state the ability to legalize this form of gambling.
Before long, several states opened up their sports gambling industries. Many more are likely to do so over the next few years.
Lawmakers in Rhode Island officially legalized sports betting in 2018. Initially, lawmakers only allowed in-person wagering inside casinos. Recently, laws were changed once again to allow for online and mobile sports betting.
It’s been very successful. Officials here are happy with the money being brought in from this industry. New reports indicate that revenue earnings dropped in October.
Sports Betting Revenue in Rhode Island Dropped in October
In September, revenue from the sports betting industry in Rhode Island reached an all-time high. Many predicted that revenue would continue to increase for the rest of the year. Now, it appears that these predictions were wrong.
Bettors here wagered more than $28.3 million last month. That’s an increase from the previous record of $23.6 million. Sports betting operators took in a combined $2.5 million in revenue.
After payouts to players, sports betting revenue in Rhode Island actually fell by 2.3% compared to September’s revenue.
Online sports betting revenue increased by an astounding 78%. It’s been just over a month since online sports gambling was legalized here.
The state continues to generate millions from the sports betting industry. Despite the slight revenue drop, lawmakers here must still be happy with the earnings.
More States Are Ready to Legalize Sports Gambling
Some states, including New Jersey and Pennsylvania, are earning an incredible amount of money from their regulated sports gambling markets. Officials in many other states are now interested in legalizing this industry.
Maine, for example, has recently introduced a bill to make sports betting legal. The state’s governor vetoed the bill, yet there’s still a chance that it gets approved in 2020.
California may also decide to legalize sports betting in the near future. Voters here will soon decide whether or not to amend the state constitution to make this form of gambling legal.
It’s a great time to be a sports fan in the United States. Soon, it’s likely that almost every state in the country will have a regulated sports gambling market.
Stay tuned for more US gambling news over the next few months!