Rhode Island sports betting revenue hits $3.2m in April

Rhode Island is the latest US state to record a month-on-month drop in betting handle.

According to the latest figures from the Rhode Island Lottery, bettors in the Ocean State wagered $29m on sports in April.

April’s handle marked a significant increase on the $4.4m wagered during the same time last year. While handle was up year-on-year, April’s figure was down from the $38.6m wagered in March.

In terms of revenue, the state’s sportsbook operators generated a combined $3.2m in revenue.

April’s revenue was up from the $27,381 generated last year, however on a month-on-month basis, revenue was down from $4m in March.

This time last year, almost every sporting event across the globe was either cancelled or postponed due to the coronavirus pandemic. The poor performance in April 2020 can be attributed to a lack of sporting events to bet on and regional restrictions that were intended to curb the spread of the virus.

For the year to date, sports betting revenue for the 10 months up to April amounted to $29.7m while handle hit $295.3m.

Land-based vs online

Rhode Island’s mobile betting option continued to be the most popular way to bet in March.

The state’s land-based sportsbooks accounted for $1.5m of the state’s total betting revenue, while the mobile sportsbook product brought in $1.7m in revenue in April.

Bettors in the state wagered $16.1m on sporting events using the state’s mobile betting app while consumers wagered $12.9m at land-based sportsbooks in the state.

Of the state’s two casinos, Twin River had the best performance after generating $953,908 in revenue from $8.8m in bets.

Meanwhile, the Tiverton Casino processed $4.1m in bets and managed to hold onto $522,159 in revenue.

Sports betting in Rhode Island

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.

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