In November 2023, Rhode Island’s sports betting landscape experienced shifts in handle and revenue, providing insights into the industry’s dynamics. The total sports betting handle reached $48.3 million, reflecting a 21.1% decrease year-on-year. While this decline raises concerns, a positive note emerged with a 5.5% increase compared to October 2023. Examining the distribution between online and retail wagers, as well as the corresponding revenue figures, sheds light on the state of Rhode Island’s sports betting market.
Handle Breakdown:
Of the $48.3 million in total handle, $38.6 million was wagered online, marking a significant preference for digital platforms. Retail locations, including Twin River and Tiverton Casino, accounted for $9.6 million in wagers. Twin River led the retail segment with $6 million in bets, while Tiverton Casino contributed $3.6 million to the overall handle.
Revenue Overview:
Rhode Island Lottery reported a total sports betting revenue of $3.4 million for November 2023, indicating a substantial decline of 30.6% compared to the same month in 2022. Additionally, this represented a 24.4% reduction from October 2023’s figure of $4.5 million. Notably, November’s revenue marked the lowest monthly total since August 2023 when it stood at $1.4 million.
Revenue Source Distribution:
Online betting emerged as the primary revenue driver, contributing $2.6 million to the overall figure. Retail locations played a role in revenue as well, with a combined share of $837,173. Twin River and Tiverton Casino contributed $488,920 and $348,253, respectively, from retail operations.
Player Winnings:
Players won a total of $44.9 million, with $36.1 million attributed to online wagering and $8.8 million from retail. This breakdown underscores the competitive nature of the sports betting market, with players enjoying significant returns.
Net Terminal Income (NTI) and Table Gameplay:
Rhode Island’s video lottery terminal (VLT) machines generated a net terminal income of $40.76 million, reflecting a 3.5% decrease from October 2023 and a 1.52% drop from November 2022. Net revenue from table gameplay amounted to $10.81 million, experiencing a 6.09% monthly decrease and a 5.52% annual decline.
While November 2023 witnessed a year-on-year decline in Rhode Island’s sports betting handle, the positive month-to-month growth and insights into revenue distribution provide a nuanced perspective. The industry’s reliance on online platforms, coupled with fluctuations in player winnings and the performance of VLT machines and table gameplay, underscores the need for ongoing analysis. As Rhode Island navigates the dynamics of the sports betting landscape, stakeholders can draw valuable lessons to optimize future strategies in this evolving market.