The Rhode Island Lottery paid $365.0 million to the state’s General Fund for the fiscal year ended June 30, 2018, according to the Lottery’s audited financial statements. The amounts paid to the General Fund represent the Lottery’s net income after payment of prize awards, commissions and operating expenses.
The Lottery’s financial statements for the fiscal year ended June 30, 2018, and the Independent Auditor’s Report thereon are included in a report issued by Auditor General Dennis E. Hoyle 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 total amount transferred to the state for Fiscal 2018 increased $2.3 million compared to the year ended June 30, 2017. The Lottery’s gross profit from gaming operations before operating expenses totaled $375.3 million for the fiscal year ended June 30, 2018. Video lottery accounted for $288.4 million or 76.9 percent of total gross profit.
Net video lottery revenue decreased by approximately 0.2 percent compared to the prior year. Online revenue increased 2.6 percent and Instant Ticket revenue increased 4.8 percent over prior year amounts. The Lottery’s operating expenses totaled approximately $11.4 million for the year ended June 30, 2018.
Net revenue from Twin River table games totaled $145.8 million, an increase of 4.1 percent, for the year ended June 30, 2018. After commissions paid to Twin River and the Town of Lincoln, and related operating expenses, the state’s share of net revenue from table games amounted to $18.6 million.
The Lottery disclosed contingencies related to the potential risk to gaming operations from competition in nearby states.