Rhode Island Betting Declines 45.6% In March

Rhode Island Lottery reports a 45.6% annual fall in sports betting income for the month of March, after all sporting action was suspended in the state and all casinos were closed.

Revenue fell to $841,767 which is also a decline from February’s $2.3 million (62.8% drop). Amounts wagered across casinos and via mobile fell 62.1% year-over-year to $8.9m.

The Unfavorable Figures

National Collegiate Athletics Association Men’s Division I Basketball Tournament, known as March Madness and many other major US sports events were cancelled in Rhode Island during the month due to the global health crisis.

On March 14th, Twin River casinos in Lincoln and Tiverton closed their doors as well.

Even though the land-based venues closed and amounts wagered in each fell sharply, Twin River Lincoln still ed for the bulk of monthly handle. In total, $4.5m was wagered at the property, or 49.8% of total stakes placed in the state for March.

This represented a 76.9% fall from the prior year. Revenue from the property was down 61.3% to $441,355.

Mobile Remains Stable

Mobile is the second biggest source of revenue and handle. The stakes for that totaled $3.1 million while revenue was $215,802.

Mobile segment launched in September 2019 so there were no figures to compare from the previous year, although the stakes were down 63.8%, while revenue fell 47% from February 2020.

Twin River Tiverton’s contribution to statewide handle fell 66.5% year-on-year to $1.4m, with revenue down 54.8% to $184,610.

In March last year, Rhode Island installed self-betting kiosks, which was motivated by the March Madness that was about to begin then.

The state officials have said on the occasion that “expanding to mobile gaming would provide a convenient option for those wishing to enjoy this form of entertainment, and open up the economic benefits beyond the walls of Twin River.”

Source:

“Rhode Island betting revenue down 45.6% in March”, igbnorthamerica.com, April 28, 2020.