Rhode Island’s sports betting market saw a significant decline in revenue in March due to a lack of sporting events to bet on.
According to figures from the Rhode Island Lottery, sportsbooks in the state generated $841,767 in revenue from sports betting operations, a significant drop on the $2.3m generated in February.
Sports betting handle also saw a significant drop in March after bettors wagered $8.9m on sports, down from the $28.1m wagered the month prior.
The decline in betting handle and revenue can be attributed to the lack of sports to bet on after all major sports cancelled or postponed their events due to the coronavirus pandemic. On top of this, all commercial casinos across the country have closed their doors to help halt the spread of the virus. Rhode Island’s casinos temporarily closed on March 14 and have yet to reopen.
In March 2019, sportsbooks managed to generate $1.5m in revenue after bettors wagered $23.6m on sporting events.
Breaking down the figures
Despite closing halfway through the month, the land-based sportsbook at Twin River Lincoln processed $4.5m in wagers, accounting for the majority of the state’s betting handle. The venue’s betting revenue amounted to $441,355.
Mobile sports betting was the second biggest source of both revenue and handle. Mobile betting revenue amounted to $215,802 after bettors in the state wagered $3.1m on mobile devices.
The land-based sportsbook at Twin River Tiverton processed $1.4m in sports wagers and held onto $184,610.
Sports betting in Rhode Island
Sports betting in Rhode Island was initially restricted to two land-based casinos, which was detrimental to the market. In August 2019, the Twin River branded mobile sports betting app went live in the state.
Now that the state has a mobile betting option, residents will be able to place bets using the mobile app, rather than travel across the state to visit one of the two land-based sportsbooks.
However, bettors that wish to wager on the mobile app must first visit a casino sportsbook to activate their mobile sports betting account. Once the account has been set up, they will be able to wager remotely from anywhere within the state.
