Rhode Island’s sports betting revenue faced a significant decline in August, with figures showing a 53.3% decrease compared to the same month in 2022. The data, provided by the Rhode Island Lottery, highlights the challenges faced by the state’s sports betting market. While mobile betting continued to dominate the scene, the total revenue took a hit, signaling ongoing shifts in the industry.
Revenue Breakdown:
In August 2023, Rhode Island’s sports betting revenue reached $1.4 million. This figure was notably lower, showing a decrease of 53.3% compared to August 2022 and a 26.3% drop from the previous month in July 2023. Mobile betting accounted for the majority of the revenue at $1.2 million, while retail betting contributed $144,099. Twin River recorded revenue of $234,649, while Tiverton Casino reported a loss of $90,550 during this period.
Betting Activity:
The total sports betting handle for August was $22.5 million, representing an 18.8% decrease from the same period in 2022 when it was $27.7 million. However, the handle did show an 11.4% increase from July 2023. Consumers placed bets amounting to $17.7 million online and $4.8 million at retail sportsbooks. Twin River received $2.8 million in bets, while Tiverton Casino handled $1.9 million.
Year-to-Date Performance:
For the year-to-date, Rhode Island’s sports betting revenue stands at $3.3 million, reflecting a 44.1% decrease compared to the same period in 2022. The total sports betting handle for the year-to-date period amounted to $42.7 million, marking a 19.4% decrease from the previous year when it reached $53 million.
Bally’s Contribution to Education:
In other news, Bally’s Corporation made a significant contribution by donating $5 million to the Community College of Rhode Island (CCRI) Foundation. This generous donation is part of a long-term partnership between Bally’s and CCRI and represents the largest single donation in the foundation’s nearly 45-year history. The grant aims to enhance higher education and economic opportunities for students interested in pursuing a career in the gaming industry, as well as providing opportunities for Bally’s employees to advance their skill sets. CCRI plans to offer specialized gaming-focused certificate and associate degree programs, with the first degree programs becoming available by autumn 2024.
Rhode Island’s sports betting market faced a challenging month in August, with a significant drop in revenue compared to the previous year. While mobile betting continued to be the preferred choice for consumers, overall revenue took a hit. The data suggests that the industry is evolving and experiencing fluctuations, underscoring the need for adaptability and innovation in this competitive sector. Additionally, Bally’s substantial donation to CCRI demonstrates the gaming industry’s commitment to education and workforce development, providing promising opportunities for future professionals in the field.