Rhode Island Wagers Spent $13 Million On Sports Betting

This is some truly incredible news for Rhode Island and they perfectly describe an enormous success of sports betting in the US. Actually, Wagers in Rhode Island, according to the recent report…

…have spent over $13m on sports betting in December only!

The total revenue for the period behind us came up to a staggering $957.900 in just one month.

Sports Betting in Rhode Island

Currently, in Rhode Island, only two casinos have the permission to offer in-person sports betting: Twin River in Lincoln and Twin River in Tiverton.

The first casino that launched wagering on sports events was Lincoln’s Twin River, and in the last month, they took $11.1 million in sports bets, paid out $10.3 million in winnings and were left with a total revenue of $843.700.

The other Casino took $2 million in wagers while paying out $1.9m and being left with the revenue of $123.000.

Future of Sports Betting

The state’s Senator President, Dominick Ruggerio, introduced a new sports wagering bill, with the plan to expand legal sports betting to mobile as well.

In the Bill named 2019-S 0037, it is stated that the two Twin River casinos should be granted permission to create a mobile app…

…that would give the consumers the option to place their bets this way and not just in person.

Since the two casinos are already working with William Hill and IGT, it would not come as a problem to launch the apps.

But, before implementing it, the bill has to be looked into by the Senate Special Legislation and Veterans Affairs Committee. The state would collect 51% in tax from mobile sports wagering.

“The new in-person sportsbook that opened in November has been very popular, with lines stretching out the doors. 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,” said Rugerio.

Since according to some investigations around 97% of sports bets were taken illegally, Rugerio added that legalizing sports betting in the state, “gives Rhode Islanders and visitors a legal avenue to participate in an activity they enjoy, while providing a very tangible benefit to our state.”

The Beginnings

The government of this US state situated in New England approved the sports betting bill back in June 2018, but due to certain delays, residents of the Ocean State officially placed their first bets at the end of November.

This type of betting was in plans just a few weeks after the US Supreme Court overturned the ban from 1992 and allowed each state to vote if they would like to legalize placing bets on sports events.

In just the first four days, Twin River Casino in Lincoln generated a $73.000 in revenue from $682.000 that the customers spent in bets.

Source:

“Rhode Island sports handle hits $13m in first full month”, igamingbusiness.com, January 30, 2019.