Rhode Island’s sports betting market has experienced notable success, with a handle of $517.2 million recorded for the 2021-22 financial year. Mobile betting accounted for $290.5 million, while retail sportsbooks saw $226.8 million in wagers, split between the Twin River casino and the Tiverton Casino. In terms of revenue, online betting generated $122.1 million, while retail revenue amounted to $17.7 million. Additionally, the Rhode Island Lottery reported a 29.1% year-on-year increase in handle for June, reaching $34.2 million. In other news, Bally’s Corporation has entered into a $1 billion sale-and-leaseback agreement for its Rhode Island casinos, ensuring continued operations under Bally’s management.
Strong Rhode Island Sports Betting Performance:
Rhode Island’s sports betting market has seen impressive growth, with a total handle of $517.2 million recorded for the 2021-22 financial year. Mobile betting accounted for the majority, with $290.5 million in wagers, while retail sportsbooks saw $226.8 million. Specifically, the Twin River casino recorded $164.9 million, and the Tiverton Casino saw $61.9 million in bets. In terms of revenue, online betting generated $122.1 million, while retail revenue amounted to $17.7 million. This performance highlights the strong interest and participation in sports betting within the state.
June Figures and Rhode Island Lottery:
The Rhode Island Lottery published figures for June, revealing a 29.1% year-on-year increase in handle, reaching $34.2 million. However, this represented a 16.8% decrease from May’s handle of $41.1 million, marking the lowest monthly figure since August 2021. Of the June handle, $20.9 million was wagered online, while $13.3 million was placed at retail sportsbooks. The Twin River casino accounted for $8.9 million, and the Tiverton Casino saw $4.4 million in bets. Combined online and retail revenue amounted to $2.4 million, representing a 35.1% decrease from the same period last year. Nonetheless, it was slightly higher than May 2022’s revenue of $2.3 million, with online revenue reaching $1.7 million and retail revenue totaling $619,343.
Bally’s $1 Billion Sale-and-Leaseback Deal:
Bally’s Corporation has entered into a significant sale-and-leaseback agreement for its Rhode Island casinos, the Tiverton Casino and Hotel, and the Twin River Lincoln Casino. The properties will be sold to GLP Capital, the operating partner of Gaming and Leisure Properties (GLPI), for $1 billion. Under the agreement, Bally’s will lease the properties and continue to own, control, and manage all gaming operations without any disruption. It is expected that both properties will be added to the existing master lease between Bally’s and GLPI, with an incremental rent of $76.3 million. This deal allows Bally’s to generate substantial proceeds while maintaining operational control and focusing on its core gaming business.
Rhode Island’s sports betting market has demonstrated strong performance, with a significant handle of $517.2 million recorded for the 2021-22 financial year. Mobile betting and retail sportsbooks both contributed to this success, with online betting revenue reaching $122.1 million. Additionally, the Rhode Island Lottery reported a notable increase in handle for June, although it experienced a slight decline compared to the previous month. In other news, Bally’s Corporation has secured a $1 billion sale-and-leaseback agreement for its Rhode Island casinos, ensuring continuity of operations while generating substantial proceeds. These developments signify the continued growth and evolution of the sports betting and gaming industry in Rhode Island.