Rhode Island sportsbooks had their best month yet in March, thanks to bets from college basketball fans.
The state lottery says gamblers placed nearly $23.6 million in wagers in March, when the NCAA Tournament is held – the highest monthly total since sports betting launched in November. Casinos paid $22 million on winning bets.
The $1.5 million profit is the highest monthly total, bringing total profits to about $1.8 million. The state gets 51% after expenses are subtracted.
Tax revenue has fallen far short of projections so far. Rhode Island, the only New England state with legal sports betting, expected to generate $11.5 million this fiscal year.
Lottery Director Gerald Aubin says he thinks the market will continue growing and it’s fortunate neighboring Massachusetts and Connecticut haven’t launched sports betting.