Rhode Island’s sports betting landscape witnessed a moderate decline in the handle for June, reflecting a 30.7% decrease from the previous year and a 23.1% dip from May 2023. The total handle for the 12 months ending June 30 amounted to $509.5 million, showing a marginal 1.5% reduction compared to the same period in 2022.
Monthly Overview:
June Handle: The sports betting handle for June was $23.7 million, indicating a 30.7% decrease from the $34.2 million recorded in June 2022 and a 23.1% decline from May 2023’s $30.8 million.
Online vs Retail Spend: Online betting accounted for $17.3 million, while retail spend reached $6.5 million. Twin River and Tiverton contributed $3.6 million and $2.9 million, respectively, to the retail betting handle.
Revenue: Despite the decline in handle, revenue for June was $1.8 million, marking a 25% decrease from the $2.4 million reported in June 2022. Online betting generated $1.5 million in revenue, with retail contributing $293,397. Player winnings for the month amounted to $21.9 million.
Annual Analysis:
12-Month Handle: The sports betting handle for the 12 months ending June 30 totaled $509.5 million, showing a slight 1.5% reduction from the $517.2 million recorded in the corresponding period of 2022.
Online vs Retail Performance: Online betting exhibited a positive trend, with players spending $331.9 million, reflecting a notable 14.3% increase. In contrast, the retail handle at Twin River and Tiverton casinos experienced a 21.7% decline, reaching $177.6 million.
Revenue Growth: Despite fluctuations in the handle, the annual revenue reached $50.9 million, marking a substantial 28.2% increase from 2022’s $39.7 million. Online wagering accounted for $32.7 million, while Twin River and Tiverton contributed $11.4 million and $6.8 million, respectively. Player winnings amounted to $458.6 million.
Legislative Development:
Rhode Island governor Daniel McKee signed a bill legalizing online casino gaming into law in June. The legislation, spearheaded by Senate president Dominick J. Ruggerio and representative Gregory J. Costantino, allows residents aged 21 and above to engage in remote table games. Bally’s, in collaboration with IGT, holds exclusive rights to operate through Twin River and Twin River-Tiverton properties.
Rhode Island’s sports betting landscape, while experiencing a monthly decline, exhibits resilience with sustained annual revenue growth. The juxtaposition of online and retail performance provides insights into evolving player preferences. The legislative developments further underscore the state’s commitment to adapt to the dynamic iGaming environment, setting the stage for a progressive future in the Rhode Island gaming industry.