March Sports Betting Revenue Down in Rhode Island
LISTEN TO THIS ARTICLE:March saw Rhode Island’s sports betting revenue decrease by 22.5% year-on-year to $3.1 million even as players increased how much they were betting.
The month’s total handle was $44.9 million, an increase of 8.2% from March 2023’s $41.5 million. It was also 15.7% more than the $38.8 million bet in the state in February.
From March’s total handle, $37 million was bet online and the remaining amount was bet at retail sportsbooks. Twin River took $5.6 million of retail bets and the remaining $2.2 million was bet at Tiverton Casino.
Revenue grew by 6.9% when compared to February this year. Online betting brought in $2.5 million of the month’s total while retail betting brought in $604,093 of revenue.
Twin River earned $386,363, and Tiverton Casino reported $217,730. Players won a total of $41.8 million from sports betting in March, with $34.5 million won online and $7.2 million at retail locations.
Year-to-Date Handle Exceeds $350 Million
Looking at the financial year-to-date, which covers the nine months to March, the total handle reached $350.8 million. Online bets made up $278.1 million of this amount and retail betting contributed $72.8 million. Revenue for the period amounted to $29.8 million, with online venues generating $23.9 million and retail outlets $5.9 million.
Players’ winnings over the nine months totaled $321 million, with $254.2 million from online betting and $66.8 million from retail sportsbooks.
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First Month of iGaming
March also saw the launch of Rhode Island’s first legal online casinos. Bally’s is offering players several slots and table games online, via mobile and desktop, and Stakelogic is providing the operator with live dealer games.
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