Rhode Island’s sports betting landscape for March 2023 reveals key insights into the state’s wagering trends. Despite slight year-on-year and month-on-month declines in the sports betting handle, the Ocean State experienced steady growth in sports betting revenue. This report provides a detailed overview of Rhode Island’s sports betting activity in March 2023.
Sports Betting Handle Analysis:
In March 2023, Rhode Island recorded a sports betting handle of $41.5 million. While this reflects a 9.4% decrease compared to March 2022’s handle of $45.8 million, it is only a 3.7% decline from the previous month’s $43.1 million.
Of this total handle, a significant $30 million was wagered online, emphasizing the increasing popularity of digital sports betting platforms. The remaining $11.5 million was divided between the Twin River and Tiverton Casino retail sportsbooks, with Twin River handling $6.2 million and Tiverton Casino processing $5.3 million in sports bets.
Sports Betting Revenue Growth:
Rhode Island reported sports betting revenue of $4 million in March 2023. This marks an impressive 8.1% year-on-year increase compared to March 2022. Moreover, it demonstrates an 11.1% month-on-month revenue boost when compared to February 2023’s $3.6 million.
Online sports betting continued to be a significant revenue driver, contributing $3 million to the total. The retail sportsbooks at Twin River and Tiverton Casino combined generated $968,469 in revenue, with Twin River accounting for $598,666 and Tiverton Casino contributing $370,803.
Player Winnings and Year-to-Date Performance:
During March, players in Rhode Island won $37.6 million from their sports betting activities, highlighting the vibrant betting community in the state. When considering the year-to-date performance over the first nine months of the year, Rhode Island’s sports betting industry saw a total handle of $417.5 million, with revenue amounting to $42.2 million and player winnings at $375.3 million.
Expansion at Bally’s Twin River Lincoln Casino Resort:
It is worth noting that Bally’s Twin River Lincoln Casino Resort, a prominent player in Rhode Island’s gaming landscape, recently completed a significant expansion. This $100 million development added 40,000 square feet of new gaming space, featuring 355 slot machines, 57 table games, 27 stadium-style games, and a high-limit gaming area.