Rhode Island Revenue From Sports Betting Section Increased Drastically in June

June was the strongest month to date for the regulated sports betting sector in Rhode Island. Its revenues have reached a new high of $2.2m.

From the $899,165 generated in May, the revenues of the only venues permitted to offer wagering in the state, Twin River Tiverton and Lincoln casinos, were up significantly during the following month.

However…

… customers staked $14.7m in June, which is down by 22.0%, compared to the month before.

The revenue’s growth was a result of a decline in player winnings, offsetting a month-on-month decline in amounts wagered.

The payout for the month fell to $12.6m…

… resulting in the state’s hold increasing to 14.6%, while May had seen customers win back $18.0m, or 95.2%, of amounts, wagered.

At Twin River Lincoln $11.7m was wagered, and after venue paid out 10.0m in winnings to customers, it was left with a revenue of $1.7m.

Meanwhile…

…. the Tiverton venue saw stakes declined to $3.0m. After customers won $2.6m, the site was left with $445,387 in revenue.

Rhode Island Sports Betting Market Finally Booming

Since the Rhode Island sports betting market inception in November 2018, customers have staked $127.6m and won $120.7m…

… leaving the state’s revenues at $6.9m.

That amount was divided among the state, sports betting technology provider, International Game Technology, and the casinos, each receiving the following percentage:

• 51% of revenue is the state’s cut
• 32% is going to the International Game Technology
• 17% goes to casinos

The original revenue expectation of $23.5m from sports betting in the state budget projected by Governor, Gina Raimondo, last year has since revised down to the more achievable amount of $11.5m.

Recalling the Rhode Island sports betting revenue fall in February, it seems like this section of the market is finally experiencing the anticipated boost.

The annual basketball tournament, March Madness, brought a lot of wagers, while the following months were a bit slower. As it turns out, June set a new record in sports betting revenues with a total of at $6.9m.

However, since mobile wagering is still waiting to launch, looks like the state might miss its goal by some distance.

Twin River’s RI Venues Rising to Expectations

Gambling operator, Twin River Worldwide Holdings, expects a massive revenue increase in Q2. According to revenues from June, its RI locations are making progress in the sports betting section.

CEO and President, George Papanier, comments on the results:

“We are quite pleased with the company’s results in the quarter. Our Rhode Island operations performed well despite some quarterly softness in the New England gaming markets generally.”

Papanier concludes that the New England gaming markets are performed “solidly” in Q1, despite some notable softening during the early stages of the second quarter.

Source:

“Rhode Island sportsbook revenue more than doubles in June”, igbnorthamerica.com, July 30, 2019.