Sports Betting in Rhode Island Takes a 61% Nosedive in July, Handle Declines As Well

Regulated sports betting market in the state of Rhode Island has taken a rather large slump as a monthly fall of 61.5% has been reported for July. This is an encouraging stat just in time for the roll out of mobile sports wagering in the wake of the new NFL season.

After June’s highest monthly total yet, July took a totally different turn, with revenue declining from June’s $2.1m to only $827,579. The handle (amount wagered) also dropped, by 43.5% to $14.7 million. Bettors have won $7.5 million.

The Pecking Order

It was Twin River Casino in Lincoln that led the way in of the amount of betting activity that took place –customers in this establishment wagered $6.6 million, while $6 million out of that was paid out. The resulting revenue was $622,041.

Twin River Tiverton had a $1.7 million handle. Customers won $1.5 million back, which left the revenue of $205,538.

In July, Rhode Island’s fiscal year 2019-2020 has started. During the fiscal year of 18-19…

…these two venues have generated a revenue of $6.9 million. This was from November 26th when sports betting was launched in Twin River which has consistently outperformed Tiverton. The former collected $5.3 million in total, while Tiverton amassed only $1.6 million in contribution.

Mobile Betting Coming Up

Gina Raimondo, governor of RI, has signed a bill that legalizes mobile wagering into law in March. The roll out of this is coming up soon and it should significantly expand state’s market.

The state’s official sports betting application is currently in the testing phase, as RI Department of Revenue’s chief of public relations Paul Grimaldi confirms. It is being tested by an independent third-party testing company, and while the exact date of the roll-out is still unknown…

…the general idea is to launch it before the start of the new National Football League season.

Says Grimaldi: “Because the app is in the testing phase, an exact timeframe or date by which mobile sports wagering will begin is uncertain. The hope is to have mobile sports wagering begin on or before the National Football League season begins on September 5, 2019; but that date is subject to change based on testing results.”

Kiosks Installed

In March, both Lincoln and Tiverton casinos have installed their first self-betting kiosks in the state…

…which was done in time for the start of NCAA March Madness. With plans to install 17 in total inside Twin River Lincoln and 5 in Tiverton, giving further edge to Rhode Island as the first state in New England to regulate sports betting.

Dominic Ruggerio, Democratic Senate President, said that “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.”

Source:

“Rhode Island wagering revenue slumps in July”, igbnorthamerica.com, August 29, 2019.