In a testament to the burgeoning interest in sports betting, Rhode Island’s sports betting industry has witnessed a remarkable surge. January 2023 saw the state’s sports betting handle reach an all-time high of $62.3 million, marking a notable increase of 6.3% compared to January 2022. This surge is reflective of the ever-growing enthusiasm for sports betting among Rhode Islanders. Notably, online betting has emerged as a driving force behind this remarkable growth, contributing significantly to both the handle and the state’s gaming revenue.
A Record-Breaking Achievement:
The sports betting handle in Rhode Island achieved an unprecedented milestone by crossing the $62 million mark in January 2023. This remarkable figure showcases a 6.3% surge compared to the betting activity recorded in the same month of the previous year. Furthermore, this achievement comes on the heels of a 5.2% growth compared to the betting activity witnessed in December 2022. Notably, the January handle surpassed the previous monthly record set in November 2022 by an impressive margin of 1.8%.
Dominance of Online Betting:
Online betting has emerged as a significant driver of Rhode Island’s sports betting surge. In January 2023, online bets accounted for a substantial portion of the betting activity, contributing an impressive $37.5 million. This digital trend is indicative of the convenience and accessibility that online platforms offer to bettors. Complementing online betting, retail spending also played a role, recording $24.8 million in bets. Among the key players, Twin River contributed $17.2 million in bets, while Tiverton Casino witnessed $7.7 million in betting activity.
Revenue Insights:
While the surge in betting activity is impressive, revenue insights provide a comprehensive picture of the industry’s health. January 2023 revenue totaled $5.2 million, mirroring the figures from the same month in 2022. However, there was a decline of 16.1% compared to December 2022, which recorded revenue of $6.2 million. Delving deeper, it’s evident that online betting is a revenue powerhouse, generating $4 million in revenue, while retail revenue contributed $1.2 million. Tiverton Casino and Twin River played notable roles, with Tiverton Casino contributing $660,792 and Twin River adding $504,427 to the revenue pool. Interestingly, players secured $57.2 million in winnings.
Long-Term Progress:
As the Rhode Island sports betting landscape evolves, the numbers reflect impressive progress. Cumulatively, the handle for the seven-month period ending January 2023 reached $332.9 million. This extended timeline highlights the sustained enthusiasm and engagement of bettors. In terms of revenue and player winnings, the financial year-to-date figures stand at $34.6 million and $298.3 million, respectively. These cumulative figures underscore the industry’s steady growth and its significance in the state’s economic landscape.
Expanding Horizons:
Beyond the numbers, Rhode Island’s gaming landscape is poised for further evolution. Bally’s Corporation is set to open an expansion at Bally’s Twin River Lincoln Casino Resort by mid- to late April. This expansion, amounting to $100 million, includes a 40,000-square-foot addition to the gaming floor, promising an enriched gaming experience. The expansion also introduces an Asian-themed restaurant and a new spa, contributing to the multifaceted appeal of the casino.
Rhode Island’s sports betting journey continues to capture attention, driven by a record-breaking handle, the surge of online betting, and strategic expansions. The remarkable figures underscore the state’s successful integration of sports betting within its entertainment and economic landscape. As bettors continue to embrace sports betting as a source of enjoyment and engagement, Rhode Island’s gaming industry remains on a path of growth and innovation.