Rhode Island’s sports betting industry generated $18.7m in revenue for the 2019-20 fiscal year despite the impact of the coronavirus pandemic.
According to the latest figures from the Rhode Island Lottery, the state’s sports betting industry generated $18.7m in revenue during the 2019-20 financial year.
The total revenue for the year ending 30 June 2020 was up 171%, year-on-year on the $6.9m generated during the 2018-19 financial year. However, it is important to remember that the 2018-19 fiscal year only covered an eight-month period as sports betting launched in November 2018.
Bettors in the state wagered a total of $200.2m for 2020 financial year marking 56.0% increase on the previous year.
Mobile betting, which launched in September 2019, generated $3.8m for the fiscal year. Bettors in the state wagered a total of $49.8m via the state’s mobile platform in 2020.
Twin River’s Tiverton and Lincoln land-based casinos are the only land-based venues that are approved to offer sports betting in Rhode Island.
Revenue at the Lincoln venue amounted to $11.9m after bettors wagered $120.1m on sports for the fiscal year. The Tiverton venue managed to generate $3m in betting revenue after processing $30.2m in bets.
June’s figures
The report also shows that sports betting revenue in June dropped to $101,328, a 95.4% year-on-year drop from the $2.2m generated in June 2019. June’s revenue also marked a 38% month-on-month drop on the $163,472 generated in May.
Betting handle was also down year-on-year with residents betting $2m in June down 86.4% on last year’s handle. However, betting handle was up from the $1.5m wagered the month prior.
Mobile betting was the only revenue source for the state’s sports betting industry, generating $169,261 from $2.1m in bets. Mobile revenue was slightly up on the $162,408 generated in Mya.
While the state’s casinos partially reopened in June, both venues are currently operating at limited capacity to help slow the spread of the coronavirus.
The Lincoln venue made a loss of $39,196, while the Tiverton casino also made a loss of $28,737. With both venues making a loss in June, overall betting revenue in the state was down in June.
Sports betting in Rhode Island
Sports betting in Rhode Island was initially restricted to two land-based casinos, which was detrimental to the market. However, 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 can place bets using the mobile app, rather than travel across the state to visit one of the two land-based sportsbooks.
Last week, Rhode Island Governor Gina Raimondo signed an amendment into law that would allow potential sports bettors to complete their online account registration remotely without having to visit one of the state’s casinos.
With the passage of the amendment, HB 8907, Rhode Islanders can now complete the registration of online sports betting accounts anywhere within state lines.
