In May, sports betting in Rhode Island saw a dip to a nine-month low, with players wagering $30.8 million. This marked a 25.1% decrease from the same month in 2022 and a 17.9% drop from April 2023. However, amidst the sports betting landscape, the state is making significant strides in the online casino sector, as a recent bill legalizing online casino activities has been signed into law by Governor Daniel McKee.
Sports Betting Handle Analysis:
Rhode Island’s sports betting handle for May saw a decline to $30.8 million, a noteworthy decrease compared to the $41.1 million recorded in May 2022 and the $37.5 million in April 2023. The online component accounted for $22.4 million, while the Twin River and Tiverton Casino retail sportsbooks contributed $4.8 million and $3.5 million, respectively. Despite the dip in handle, the state reported a 69.6% year-on-year increase in sports betting revenue, reaching $3.9 million.
Revenue Breakdown:
Of the $3.9 million in sports betting revenue, $2.7 million was generated online, underlining the growing significance of digital platforms. The retail sportsbooks at Twin River and Tiverton Casino contributed $593,771 and $597,447, respectively. The players won a total of $26.9 million from sports betting activities in May, showcasing the dynamic nature of the market.
Year-to-Date Performance:
From June 2022 to May 2023, Rhode Island’s sports betting handle totaled $485.7 million, with revenue reaching $49.1 million. These figures provide a comprehensive view of the state’s gaming performance over an eleven-month period, highlighting the sustained interest and economic impact of sports betting.
Online Casino Legalization:
Rhode Island has embraced the future of gaming by legalizing online casinos through Senate Bill 948 and House Bill 6348A. This legislation permits residents over the age of 21 to engage in table games remotely using computers or mobile apps, with the stipulation that players must be physically located within the state. Bally’s has secured exclusive rights to operate through its Twin River and Twin River-Tiverton properties, with IGT as its vendor. Notably, the legislation requires a live dealer to be in place, streamed via simulcast.
Rhode Island’s gaming landscape is undergoing dynamic shifts, marked by fluctuations in sports betting handles and the groundbreaking legalization of online casinos. The state’s commitment to adapting to evolving trends in the gaming industry is evident, with online platforms becoming increasingly integral. As the industry navigates these changes, Rhode Island positions itself as a jurisdiction that embraces innovation while ensuring responsible gaming practices.