Lottery cuts expectations for sports betting revenue in half

PROVIDENCE, R.I. (AP) — The Rhode Island lottery now says sports betting is expected to bring in about $15 million in the next fiscal year, instead of $30 million.

The new estimate is based on a consultant’s report.

Revenue Department spokesman Paul Grimaldi said Tuesday it’s more in line with what the two sportsbooks have experienced so far . The official revenue target will be set next week.

The governor’s proposed budget for the 2020 fiscal year counted on $30 million.

The department is using projections based on the current gambling landscape — $2.65 million from sports betting this year and $14.8 million next year, growing to $30.6 million by the 2024 fiscal year.

The consultant says revenue would decline if a casino opens in Taunton, Massachusetts or if sports betting is legalized in Massachusetts or Connecticut.