A new report by the Rhode Island Office of the Auditor General shows that iGaming revenue was $124.5 million in October up from $124.3 million compared to fiscal 2023. 

The Auditor General’s annual report, released three days after Massachusetts’ record announcement, cites increased competition from neighboring states as the reason for the decline. 

“In the overall scheme of things, that’s not a large percentage,” Patrick Kelly, a professor of accountancy at Providence College who studies gambling, said in an interview Friday. “But long term, it shows that the Rhode Island market has gotten smaller.”

That is especially true of Rhode Island’s sportsbook, which generated $458.8 million in total revenue for fiscal 2024. In the fiscal year ending June 30, 2023, sports betting brought in $509.5 million in revenue.

Of the $458.8 million total from fiscal 2024, $19.2 million was transferred to the state’s general fund.

Increased competition from Massachusetts and Connecticut was expected after Rhode Island became the first New England state to legalize sports wagering in 2018, Kelly said.

“If you’re the first to market, you’re going to benefit for a while until the other states decide if they’re going to match you,” Kelly said. “Everybody is trying to gain an advantage and get tax revenue.”