Rhode Island’s sports betting industry has showcased its resilience and growth, with the state’s sports betting handle reaching impressive heights in December. Despite the ups and downs of the market, Rhode Island’s consistent performance reflects a promising landscape for sports betting enthusiasts. The December figures highlight the state’s substantial year-on-year revenue increase, further solidifying its position as a key player in the US sports betting arena.
Steady Growth in Handle:
Rhode Island’s sports betting handle continued to flourish, with a total of $59.2 million in bets registered for December. This represents a robust 7.8% increase from the same month in 2021, although it slightly declined from November 2022’s figure of $61.2 million. Of the total handle, an impressive $36.7 million was attributed to online sports betting, indicating the growing preference for digital platforms.
Retail and Online Contributions:
The Rhode Island Lottery reported that Twin River and Tiverton Casino’s retail sportsbooks accounted for $16.5 million in bets. Twin River emerged as a leader with $15.3 million, while Tiverton Casino contributed $7.2 million. Revenue witnessed a remarkable surge, totaling $6.2 million. This figure marks an astounding 416.7% increase compared to December 2021’s revenue of $6.7 million. Moreover, it reflects a notable 26.5% rise from November’s revenue of $4.9 million.
Distinct Online and Retail Revenue:
The online component played a significant role in revenue generation. Online revenue reached an impressive $4.2 million, while retail revenue accounted for $2 million. Twin River and Tiverton Casino contributed $1 million and $996,580, respectively, through their retail sportsbooks. Notably, players enjoyed $53 million in winnings from their sports bets in December.
Year-to-Date Performance:
Taking a broader view of the industry’s performance, the state’s financial year-to-date figures reveal a compelling narrative. Over the six-month period ending in December, the sports betting handle accumulated to $270.6 million. The resulting revenue stood at $29.4 million, while player winnings totaled $241.1 million. This comprehensive overview underscores the consistent appeal and financial impact of Rhode Island’s sports betting landscape.
Rhode Island’s sports betting industry showcases robust growth, evident in the remarkable year-on-year revenue surge and consistent handle performance. The state’s approach to combining retail and online engagement continues to resonate with bettors, driving both revenue and excitement. As the industry evolves, Rhode Island’s position as a player in the competitive sports betting market is further solidified, promising a dynamic and prosperous future for both operators and enthusiasts alike.