Rhode Island sports betting revenue dips in March despite handle increase – iGaming Business

Sports betting revenue in Rhode Island fell 22.5% year-on-year to $3.1m (2.5m/2.9m) in March despite players spending more money on wagering.

Total handle for the month stood at $44.9m, up 8.2% higher than $41.5m inMarch last year. It is also 15.7% ahead of the $38.8m bet in Rhode Island inFebruary 2023.

Of this total, $37.0m was wagered online, while the remaining $7.8m was bet at land-based sportsbooks. Twin River processed $5.6m of all retail bets, with Tiverton Casino taking a total of $2.2m.

In terms of revenue, this was higher month-on-month, but only marginally. The March total was 6.9% higher than the $2.9m generated in Rhode Island in February this year.

As to where revenue came from, online betting accounted for $2.5m of the monthly total. In contrast, retail betting generated just $604,093 in monthly revenue.

Twin River posted $386,363 in retail sports betting revenue, while Tiverton Casino reported $217,730.

Players won a total of $41.8m from wagering on sports in Rhode Island in March. Of this, $34.5m was won online and $7.2m retail sportsbooks.

As to how the state is performing in its financial year-to-date, total spend in the nine months to March was $350.8m.

Online betting accounted for $278.1m of the year-to-date total, with retail spend reaching $72.8m.

Revenue-wise, this hit $29.8m for the same period. Online betting generated $23.9m of this total, with retail revenue amounting to $5.9m across the two casinos.

Player winnings for the nine months hit $321.0m, with $254.2m coming from online betting and $66.8m retail.

March also marked thelaunch of online casino in Rhode Island, almost eight months after it was legalised.

Ballys customers are now able to play slots and table games in the state via desktop or an iOS mobile app. Games are available to players who are at least 21 years old and have an online or mobile account with Ballys.

Live table games supplier Stakelogic supported the launch with live dealer and table games software and studio technology.

The public launch of the online gaming product followed a successful technical trial.

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Rhode Island sports betting revenue dips in March despite handle increase - iGaming Business