Last week on the 2nd May we covered a story how a Republican Activist was intending to sue the state of Rhode Island for allowing sports betting, well this week there is more downbeat news which affects the state. With the news that Christiensen Capital Advisors are forecasting a downturn in sports betting revenue in the state, that will last until 2020.
According to the Providence Journal, they are reporting that Christiensen Capital Advisors are of the view that revenues from sports betting in the state could decrease by as much as $37 million a year. In total less than a quarter of the amount forecast for this year and less than half the amount forecast for next year.
It is also reported that a threat to the states gaming revenues could come in the form of a potential Mashpee Wampanoag casino in Taunton. Plus added to this, if sports betting is made legal in Massachusetts and Connecticut, this could also have another adverse effect on Rhode Island gaming revenues.
Christiensen Capital Advisors are projecting $2.65 million in sports gambling revenue by the end of the budget year on June 30, with them projecting revenues of $14.8 million the following year. Falling some way short of the $30 million that was forecast by the Raimondo administration.
However, with online sports betting now approved and good to go, Christiensen Capital Advisors are of the view that Rhode Island will make $26.8 million in 2021, $28 million in 2022 and $29.3 million in 2023.
