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Auditor General issues audit report for Rhode Island Lottery for the fiscal year ended June 30, 2024

 

STATE HOUSE — The Rhode Island Lottery paid $426.4 million to the state’s General Fund for the year ended June 30, 2024, representing the Lottery’s net income after payment of prize awards, commissions, other costs of gaming operations, and operating expenses. Overall, Lottery revenue, including gaming activity at the Lottery’s two casinos, experienced a decline during fiscal 2024 compared to 2023. The fiscal 2024 transfer to the state decreased $8.2 million over the previous fiscal year.

The Lottery’s financial statements for the fiscal year ended June 30, 2024, and the Independent Auditor’s Report thereon are included in a report issued by Auditor General David A. Bergantino and released today by the Joint Committee on Legislative Services. The auditors concluded that the Lottery’s financial statements were fairly presented in accordance with accounting principles generally accepted in the United States of America.

The Lottery’s gross profit from gaming operations before operating expenses totaled $436.5 million for the fiscal year ended June 30, 2024. Video lottery accounted for $314.9 million or 72.2% of total gross profit. Net video lottery revenue decreased by approximately 1.8% compared to the prior year.

Online (traditional drawing) games gross profit totaled $52.1 million or an increase of 2.4% mostly due to increased wagering on larger jackpot prize drawings for PowerBall® and Mega Millions®, three of which were more than $1 billion. Gross profit on instant ticket games totaled $22.4 million in fiscal 2024, a decrease of 7.7% over fiscal 2023.

Net revenue from table games totaled $131.1 million for the year ended June 30, 2024. After commissions paid to the facilities and the towns, and related operating expenses, the state’s share of net revenue from table games amounted to $20.3 million, a decrease of 4.1% over fiscal 2023.

Sportsbook gross profit totaled $19.2 million, after commissions, payouts, and marketing expenses, a decrease of $6.3 million or 24.8% over the previous fiscal year, as sports betting competition in nearby states increased.

iGaming commenced in March 2024 and produced a gross profit of $3.6 million, after commissions, payouts and marketing expenses. The audited financial statements for the RI Lottery and related audit summary document can be found at http://www.oag.ri.gov/reports.html.

 

 

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