RI betting revenue soars in January

Rhode Island’s sports betting market is off to a strong start in 2020.

According to figures from the Rhode Island Lottery, sports betting revenue amounted to $3.3m in January 2020, up from the $159,978 generated the year prior.

Bettors in the state wagered $26.9m on sporting events in January, a 41.4% year-on-year increase in betting handle.

Breaking down the figures

Looking closer at the figures for January, the Twin River Lincoln venue was the state’s highest performing sports betting venue. According to the figures, the venue generated $2.1m in revenue, up from $284,351 in 2019, after players wagered $14.7m at Twin River Lincoln.

The Twin River venue in Tiverton processed $4.5m in sports wagers and managed to hold onto just $436,597. These figures marked a significant improvement on the venue’s handle and revenue from January 2019.

The state’s Twin River-branded mobile sports betting offering, which came to the state in September 2019, processed $7.9m in bets representing a 10.9% month-on-month decrease for January. Despite the drop in handle, revenue from mobile betting amounted to $772,836, a 26% increase on December’s mobile betting revenue.

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, the state of Rhode Island saw the soft launch of the Twin River branded mobile sports betting app in August 2019.

Now that the state has a mobile betting option, residents will be able to place bets using the mobile app, rather than travel across the state to visit one of the two land-based sportsbooks. However, bettors that wish to wager on the mobile app must first visit a casino sportsbook to activate their mobile sports betting account. Once the account has been set up, they will be able to wager remotely from anywhere within the state.

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