Rhode Island's iGaming Revenue Sets New Benchmark

The Rhode Island Lottery has announced a record-breaking performance for online casino gaming in October. Players wagered over $75.1 million on slots and table games, marking the second-highest total since the state’s iGaming launch through Bally’s in March. This comes just after September’s peak of $80.8 million.

October’s online casino revenue reached an unprecedented $3.2 million, suring the previous high set in September by 2.6%. Since online gambling began earlier this year, no year-over-year comparisons are available, but the October figures reflect strong growth for the burgeoning market.

Mixed Performance for Land-Based Casinos

Rhode Island’s two brick-and-mortar casinos—Bally’s Twin River and Bally’s Tiverton—showed varied outcomes in October. Revenue from video lottery terminals (VLTs) reached $41.4 million, a 3.6% increase from $39.9 million in September but a slight 2% decline from $42.2 million reported last October.

Twin River dominated VLT revenue, generating $31.5 million, or approximately 76% of the total.

Table games, however, experienced a downturn. October revenue totaled $9.9 million, representing a 12.2% drop from $11.2 million in September and a 3.2% year-over-year decline. Twin River contributed $7.8 million to this figure, while Tiverton ed for $2.1 million.

A report from the Rhode Island Office of the Auditor General sheds light on broader gambling trends within the state. For October, total iGaming revenue climbed to $124.5 million, a marginal increase from $124.3 million in fiscal 2023. However, Rhode Island’s overall gaming market has faced pressures due to growing competition in neighboring states.

Patrick Kelly, a Providence College ancy professor specializing in gambling, pointed out the long-term implications of increased competition. “In the overall scheme of things, that’s not a large percentage,” Kelly stated. “But long term, it shows that the Rhode Island market has gotten smaller.”

Sports Betting Faces Growing Challenges

Rhode Island’s sports betting industry also reflects these challenges. Total revenue for fiscal 2024 stood at $458.8 million, a significant drop from $509.5 million in fiscal 2023. From the fiscal 2024 total, $19.2 million was directed to the state’s general fund.

Kelly highlighted the early advantage Rhode Island had as the first New England state to legalize sports betting in 2018. However, he noted that this edge has eroded as other states, including Connecticut, have introduced their own gambling markets.

“If you’re the first to market, you’re going to benefit for a while until the other states decide if they’re going to match you,” Kelly said. “Everybody is trying to gain an advantage and get tax revenue.”

Source:

”Rhode Island reports record online casino revenue in October”, cdcgaming.com, December 04, 2024.