Rhode Island betting handle hits record $39.8m in January

Rhode Island’s sports betting market reported its best month since launching in 2018.

According to the latest figures from the Rhode Island Lottery, bettors in the Ocean State wagered a record $39.8m on sporting events in January.

This marks the state’s highest monthly sports betting handle to date.

January’s handle represents a significant increase on the $22.8m wagered in December and the previous record of $35m from November.

In terms of revenue, sportsbooks in the state generated $3.7m in revenue up from $3.3m in January 2020 and significantly higher than the $2.5m generated in December.

For the financial year to date, for the seven months ending January 2021, $193.5m has been wagered on sports while sportsbooks have held onto $21m.

Breaking down the figures

Bettors wagered $21.9m via the state’s mobile sportsbook platform in January, while $17.9m was wagered at the state’s land-based sportsbooks.

Mobile sports betting accounted for $2.1m of the state’s total betting revenue in January, while the state’s land-based sportsbooks generated a combined $1.6m revenue.

The Twin River Casino was the best performing of the two land-based sportsbooks in January after generating $1m in revenue from $13.1m in sports wagers.

Meanwhile, the Tiverton Casino processed $4.8m in sports bets in January and held onto $539,924.

Mobile betting beginning to dominate the market

Initially, Rhode Island’s betting market was restricted to in-person betting at the state’s two land-based casinos. However, in August 2019, the Twin River branded mobile sports betting app went live in the state.

In July, Rhode Island Governor Gina Raimondo signed an amendment into law that would allow potential sports bettors to complete their online account registration remotely without having to visit one of the state’s casinos.

With the passage of the amendment, HB 8907, Rhode Islanders can now complete the registration of online sports betting accounts anywhere within state lines.

Upon closer inspection of the state’s financial report, it is clear that mobile betting has been gaining popularity over the last seven month period. In July 2020 mobile betting handle sat at $4.4m now it has hit $21.9m.

This could be attributed to the coronavirus restrictions that have been imposed on the state over the past year which may have deterred residents from visiting the state’s land-based casinos to bet.

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