But Is Sports Betting Really Worth It?

But Is Sports Betting Really Worth It?

Six states started sports betting in 2018. Revenues fell short of projections in four of the states. Several reasons why. Among them – slower than expected rollout, lack of online betting and even the Super Bowl.

Rhode Island projected monthly revenues of $1 million. The reality – about $50,000 a month. Rhode Island is the only New England state that offers sports betting. Who’s going to bet against Tom Brady and the Pats who, as expected, covered the spread in a lackluster Super Bowl. Also, Rhode Island didn’t offer online betting until this month.

West Virginia projected annual revenue of $5.5 million. Through the first eight months of their fiscal year, actual revenue amounted to $862,000. A contract dispute led to a shutdown of two sports books and the only sports betting app at the outset of the NCAA basketball tournament.

Mississippi and Pennsylvania have generated revenues about half of what was projected. Mississippi faces competition from a gambling complex in Arkansas and Pennsylvania doesn’t allow online sports betting. Although Pennsylvania hopes to offer online betting sometime this summer.

New Jersey and Delaware are the only states to meet projections. For New Jersey, the availability of online betting is significant. State tax revenues of $1.8 million monthly is nearly the same as Nevada, which has had sports betting for decades. In Delaware, football betting is established, having been around since 2009.

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