Disappointing November for Rhode Island Sports Betting Industry
LISTEN TO THIS ARTICLE:November saw mixed results for Rhode Island’s sports betting sector. Despite a yearly decline in sports betting handle and revenue, there was a marginal increase in betting activity compared to the previous month.
The total amount bet by players in November was $48.3 million, a significant drop from $61.1 million in the same month last year, yet showing an uptick from $45.8 million in October 2023. Specifically, online sportsbooks in Rhode Island saw bets totaling $38.6 million. Retail betting at Twin River and Tiverton Casino added another $9.6 million, with Twin River alone accounting for $6.0 million of that amount, and Tiverton Casino contributing $3.6 million.
Revenue Drops to Four Month Low
Rhode Island’s sports betting revenue also experienced a downturn. The total revenue for November stood at $3.4 million, falling substantially from $4.9 million in November 2022 and also down from October 2023’s $4.5 million. This figure represents the lowest monthly revenue since August 2023, which was reported at $1.4 million.
Of the total revenue in November, online bets contributed $2.6 million, while retail bets generated $837,173. Within the retail segment, Twin River and Tiverton Casino contributed $488,920 and $348,253, respectively.
Regarding payouts, players won a total of $44.9 million from sports betting in November, with $36.1 million from online betting and $8.8 million from retail.
Financial Year-to-Date Overview
When looking at the broader picture from the start of the financial year to the end of November, the total amount bet by players reached $174.5 million. This sum includes $136.8 million from online betting and $37.7 million from retail betting.
In terms of revenue, the total for the same period was $13.7 million, with online betting contributing $11.7 million and retail betting adding $3.0 million. Total winnings paid out to Rhode Island players in this period amounted to $159.8 million.
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