Rhode Island Sports Betting: A Year of Declines and Recovery

Ups and Downs

Despite facing year-on-year declines in sports betting handle and revenue, Rhode Island managed to show signs of recovery with a notable increase in revenue month-on-month. In this article, we will delve into the details of Rhode Island’s sports betting performance, exploring player spending, revenue figures, and the overall trends shaping the industry in the state.

In December, player spending in Rhode Island amounted to $47.9 million, marking a 19.1% decline compared to the previous year. This decrease reflects the challenges faced by the industry, with various factors impacting the betting habits of players. However, it is worth noting that November 2023’s total was only slightly higher, indicating a relatively stable player spending pattern in the state.

Out of the total spending in December, $39.1 million was wagered online, while $8.8 million was bet at retail sportsbooks. Twin River and Tiverton Casino accounted for $5.6 million and $3.3 million of retail bets, respectively.

Despite the decline in player spending, Rhode Island witnessed a recovery in revenue during December. The total revenue for the month reached $4.1 million, showing a 33.9% decrease compared to the same period in 2022. However, it was a significant improvement from November’s $3.4 million revenue.

Online betting generated the majority of the revenue, contributing $3.6 million, while retail wagering accounted for $591,275. Among the retail venues, Twin River posted $267,201 in revenue, while Tiverton Casino recorded $324,074, despite its smaller handle.

In terms of player winnings, a total of $21.9 million was won in December, with $15.8 million coming from online betting and $8.2 million from retail betting.

December marked the conclusion of the first half of Rhode Island’s 2024 financial year. During this six-month period, players wagered a total of $222.4 million on sports. Online sportsbooks drew the majority of bets, with $175.8 million, while retail venues accounted for $46.5 million. Among the retail sportsbooks, Twin River processed $29.4 million in sports wagers, while Tiverton Casino recorded $17.1 million.

Revenue for the first half of the year reached $18.8 million, with $15.3 million generated through online betting and $3.6 million through retail betting. Twin River contributed $2.4 million to the overall revenue, while Tiverton Casino accounted for $1.2 million.