D.C. government officials have lowered by nearly $16 million the revenue they estimate legalized sports gambling will generate over the next 15 months.
Lawmakers passed a bill in December to legalize and regulate sports wagers, joining a handful of states seeking to capitalize on a U.S. Supreme Court decision that authorized the practice. But they have not approved a contract for a company to run the city’s gambling operation.
Beth Bresnahan, director of the D.C. Lottery, testified before a D.C. Council committee Wednesday that the revenue projections have been revised downward, a recalculation she said was made at the end of February.
In response to follow-up questions from The Washington Post, a spokesman for the city’s chief financial officer said the District’s sports betting operation is now expected to earn just $750,000 during the current fiscal year — which ends Sept. 30 — and generate $17.1 million during the next fiscal year.
Click here to read the rest of the article written by Peter Jamison over at the Washington Post