In December 2023, Rhode Island’s sports betting scene witnessed intriguing trends, with a handle of $47.9 million. This figure, while showing a marginal dip of 0.6% from November 2023, reflected a more substantial decline of 19.1% compared to the same period in 2022.
Handle Analysis:
The $47.9 million handle in December 2023 was comprised of $39.1 million in online wagers and $8.8 million at retail sportsbooks. Of the latter, $5.6 million was spent at Twin River, while Tiverton Casino accounted for $3.3 million.
Revenue Insights:
Revenue for December 2023 amounted to $4.1 million, marking a notable 33.9% decline from December 2022 ($6.2 million). However, there was a positive upswing of 20.6% from November 2023, which recorded $3.4 million in revenue. Online betting contributed significantly with $3.6 million, while retail wagering brought in $591,275. Twin River and Tiverton Casino posted revenues of $267,201 and $324,074, respectively.
Player Winnings:
Players claimed $21.9 million in winnings, with $15.8 million originating from online betting and $8.2 million from retail sources.
Half-Year Analysis: July 1, 2023, to December 31, 2023:
Examining the broader landscape over the six months leading up to December 31, 2023, players wagered a total of $222.4 million on sports. Online sportsbooks dominated this period, handling $175.8 million in bets, while retail venues saw $46.5 million in wagers. Twin River and Tiverton Casino recorded respective figures of $29.4 million and $17.1 million.
Revenue Breakdown:
Total revenue for the half-year period reached $18.8 million, with online platforms contributing $15.3 million and retail establishments bringing in $3.6 million. Twin River and Tiverton Casino generated $2.4 million and $1.2 million in revenue, respectively.
Despite a monthly decline in the handle and revenue compared to the previous year, the sports betting landscape in Rhode Island exhibited resilience, marked by a notable uptick from the preceding month. The dominance of online betting is evident, underlining the changing preferences of players. As we look ahead, understanding these trends will be crucial for stakeholders and enthusiasts alike in navigating the dynamic world of sports betting in Rhode Island.