The sports betting industry in Rhode Island has reported a handle of $37.6 million in September, marking the highest total in six months. This surge in activity represents a 67.1% increase from August, but it is noteworthy that the handle was 9.8% lower compared to the same period in 2022 when it reached $41.7 million. The market also saw a substantial rise in revenue, making the Rhode Island sports betting landscape a dynamic and evolving sector.
September Handle Trends:
Rhode Island’s sports betting handle for September amounted to $37.6 million, reflecting robust activity in the market.
This figure represents a significant increase from the previous month, as the handle in August was $22.5 million.
Despite the monthly growth, there was a slight year-on-year decrease of 9.8% compared to September 2022.
Breakdown of Bets:
Of the total handle, $28.7 million came from online bets, demonstrating the growing popularity of digital wagering.
Retail sportsbooks contributed $9 million to the handle, showcasing the continued relevance of in-person betting experiences.
Twin River accounted for $5.7 million in bets, while Tiverton Casino saw $3.2 million in wagers.
Revenue Metrics:
Rhode Island’s sports betting market recorded a notable spike in revenue, totaling $3.5 million for September.
This represents a substantial 150% increase from the previous month, highlighting the financial gains made during the period.
However, revenue figures were down by 45.3% when compared to the same month in 2022.
Bally’s Generous Donation:
Bally’s Corporation, a key player in the gaming industry, has made a significant contribution of $5 million to the Community College of Rhode Island (CCRI) Foundation.
This donation, the largest in the foundation’s nearly 45-year history, doubles the size of CCRI’s endowment.
The grant from Bally’s will support educational opportunities for students interested in pursuing careers in the gaming industry and offer Bally’s employees the chance to enhance their skill sets.
Advancing the Gaming Industry:
As part of its long-term partnership with CCRI, Bally’s will enable students to obtain certificates or associate degrees in gaming-related fields.
These degree programs will be available by autumn 2024, fostering the growth of skilled professionals within the gaming sector.
Rhode Island’s sports betting industry experienced a surge in activity during September, with a total handle of $37.6 million. While this marked a considerable monthly increase, it was slightly lower compared to the same period in the previous year. However, the market showed impressive growth in revenue, and Bally’s Corporation’s generous donation to CCRI will play a pivotal role in fostering the development of future gaming industry professionals. The Rhode Island sports betting landscape continues to evolve, offering an exciting and dynamic environment for players and industry stakeholders.