Rhode Island Lottery declares $302m in net income
Figure marks an $18m improvement over the prior year.
Net income from the Rhode Island Lottery reached $302m for the fiscal year ending June 30 2021. This impressive take was $18m higher than it had been the year before, though lagging behind the $397m seen two years ago.
The earnings of the Rhode Island Lottery – generated for the state’s general fund – are derived from all of the gambling done in the state, including racing, sports betting, online, casinos and lottery.
Video lottery was the most substantial portion of the take, with a total gross profit of $209m. This was 66% of the overall figure and an increase of 2.3% over the year before.
Online revenue was up by 16.4% year-over-year, while instant ticket revenue increased by 19.5%.
As for table games, net revenue came to $79.5m. From this sum, the share of revenue that went to the state came to $12.2m, after commissions were paid to facilities and towns, as well as after sundry operating expenses were settled.
Perhaps the most dramatic increase was sportsbook gross profit, which saw a year-over-year increase of over 76%, or $19m. But such growth was the result of an aberration, with sporting events resuming in earnest after having been seriously curtailed from March 2020.
The report noted that the last year has marked a return to form for many sectors of the industry after the severe disruptions stemming from the pandemic, which caused land-based operators to shutter their doors for a number of months.
Also included was the news that the Rhode Island Lottery won a certificate of excellence for financial reporting from the Government Finance Officers Associations of the United States and Canada, marking the 23rd year in a row that the honor had been awarded to the state.
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