Rhode Island Sports Betting Handle Sees Drop in February
Rhode Island has reported a decline in its sports betting market in the month of February.
LISTEN TO THIS ARTICLE:During the month, the state recorded a decrease in its sports betting handle year-on-year by 10% to $38.8m. The total also fell by 13.4% behind January 2024's $44.8m. Online betting remains the largest contributor to the state's total wagers at $30.4m. Retail betting accounted for the remaining $8.4m.
Rhode Island also experienced a 19.4% decrease in its sports betting revenue year-on-year. The total amount earned by operators in the month was $2.9m, falling short of February 2023's $3.6m. Compared month-on-month, February's revenue substantially declined by 42% to January's $5m haul.
Related: Rhode Island Expands US iGaming Market with Bally’s Launch
Twin River Leads Retail Market
Twin River led the state's retail betting market in February, accounting for $6m of the total $8.4m in wagers. Tiverton Casino was second with $2.4m in wagers. However, despite the significant difference in betting handle, Tiverton Casino earned more revenue at $288,000 than Twin River's $206,000.
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During the first eight months of the year, Rhode Island sportsbooks amassed a handle of $305.9m and revenue of $26.7m. These figures reflect an 18.6% decrease in handle and a 30.1% decline in revenue compared to the same period in the state's 2022 financial year.
Rhode Island provides online sports betting services through its state-operated platform, the Rhode Island Lottery's mobile app and website.
Rhode Island Launches iGaming
Last month, Rhode Island launched online gaming becoming the seventh U.S. state to do so. The law also established the Rhode Island Division of the Lottery as the iGaming regulator in the state. The division currently supervises the operations of the two Bally's casinos in the state.
Bally's Corporation already holds a land-based casino monopoly in Rhode Island. With the state's iGaming market going live, the operator's monopoly in the state has effectively been extended into iGaming.
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