Rhode Island sportsbooks lost over $890,000 in February

Figures released by the Rhode Island Lottery show that the state’s sportsbooks suffered heavy losses in February.

A total of $20.7m was wagered on sports across the state, an increase on the $19m wagered in January.

Although there was an increase in bets, this was offset by higher player winnings with casinos paying out a total of $21.6m. This ultimately led to the state’s casinos reporting a loss of $890,623 in February.

This marks the first time Rhode Island has reported a loss on its sports betting operations.

Looking closer at the figures, the Twin River Casino in Lincoln accepted over $16.6m in bets and paid out over $17.5m in winnings. This led to Twin River reporting a loss of $908,264.

The Twin River venue in Tiverton took over $4.03m in bets and paid out $4.02m in winnings. This left the venue with a modest revenue of $17,641.

Despite the losses posted in February, Rhode Island’s sportsbooks could see an increase in bets in the coming months. Last month Rhode Island’s Governor Gina Raimondo signed a bill into law that would legalize mobile sports betting in the state.

Since the state launched sports betting in November sports betting has been limited to the two land-based casinos in the state. Once mobile sports betting goes live the state could begin to see more wagers being placed due to how convenient it is.

However, under the new legislation, bettors will have to register their mobile accounts in person at one of the state’s casinos. Once an account is set up, the account holder will be able to bet on sporting events from anywhere within the state.

In recent months New Jersey’s revenue figures have shown that mobile sports betting is incredibly popular. In both January and February over 80% of sports wagers in New Jersey were placed via online devices such as computers and mobile phones.

For an in-depth look at each state’s sports betting statistics check out our stats page.

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