Rhode Island sports betting revenue continues to grow in July

Rhode Island’s sports betting industry continued to record growth in July.

According to the latest figures from the Rhode Island Lottery, sportsbooks in Rhode Island generated $351,425 in revenue in July, representing a 246.8% increase on the $101,328 generated in June.

However, July’s revenue marked a 57.5% year-on-year drop on the $821,579 generated in July 2019.

Sports betting handle amounted to $6.7m in July, representing a 236.9% month-on-month increase on June’s handle. Handle was also down from the $14.7m wagered by Rhode islanders in July last year.

Rhode Island’s land-based casinos reopened on 8 June after being closed since March due to the coronavirus pandemic. Upon reopening the state’s venues operated at a limited capacity in line with state regulations.

Breaking down the figures

Looking closer at the figures, the sportsbook at Twin River was the most popular among bettors with $1.8m in betting handle. The bettors managed to win back a total of $1.9m, leaving the casino with a loss of $95,174 in July.

The Tiverton casino sportsbook took $527,269 in bets and held on to $39,128 after bettors won $488,141.

Mobile sports betting continued to dominate the market in July as bettors wagered $4.4m online. Mobile betting was once again the main revenue generator operators with revenue from online betting amounting to $401,741.

Land-based sportsbooks processed $2.3m in sports bets but posted a loss of $56,046 in July.

Sports betting in Rhode Island

Sports betting in Rhode Island was initially restricted to two land-based casinos, which was detrimental to the market. However, in August 2019, the Twin River branded mobile sports betting app went live in the state.

Now that the state has a mobile betting option, residents can place bets using the mobile app, rather than travel across the state to visit one of the two land-based sportsbooks.

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.

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