Rhode Island’s sports betting industry has witnessed remarkable growth in September, with the total handle reaching $41.7 million. This figure represents a 1.2% increase compared to the same month in 2021 and a significant 50.5% surge from August 2022’s $27.7 million. Notably, the state recorded its second-highest monthly revenue on record, amassing $6.4 million – a 60% year-on-year surge and an impressive 113.3% rise from August. The online sector played a pivotal role, contributing $3.6 million to the overall revenue, while retail sportsbooks at the Twin River and Tiverton Casino sites brought in the remaining sum.
Unveiling the Revenue Breakdown:
Of the $6.4 million total revenue generated in September, Twin River emerged as the more successful casino, raking in $1.6 million. Meanwhile, Tiverton Casino managed an impressive $1.1 million in sports wagering revenue. These figures demonstrate the robust and thriving nature of the sports betting market in the state.
Online Dominance Continues:
The online sports betting sector continued its reign as the dominant revenue contributor, accounting for $26.8 million of the total handle in September. This figure represents a substantial portion of the overall revenue, showcasing the increasing popularity and convenience of online betting platforms among bettors.
Retail Sportsbooks’ Role:
While online platforms took the lion’s share of the revenue, retail sportsbooks at the Twin River and Tiverton Casino land-based sites still played a crucial role. They collectively generated $14.8 million in bets, highlighting the significance of brick-and-mortar establishments in the betting landscape.
Year-to-Date Performance:
Analyzing the financial year to date, it is evident that players in Rhode Island have spent an impressive $64.6 million on sports betting, leading to a substantial $12.2 million in revenue for operators. This data reflects the sustained growth and profitability of the sports betting industry in the state.
Impressive Growth Trajectory:
Rhode Island’s sports betting market has experienced a remarkable upward trajectory over the years. The 1.2% increase in September’s handle compared to the same period in 2021, and the substantial 50.5% surge from August 2022, is a testament to the industry’s resilience and popularity among bettors.
Chasing the Record:
The $6.4 million revenue in September came tantalizingly close to breaking the monthly record set in November 2021, when $6.7 million was posted. This indicates that Rhode Island’s sports betting industry is inching closer to surpassing its previous highs, showcasing the immense potential for future growth and financial success.
Rhode Island’s sports betting industry is in the midst of a thriving phase, as evidenced by the impressive $6.4 million revenue in September. With online betting platforms leading the charge and retail sportsbooks complementing the landscape, the state’s sports betting market has emerged as a force to be reckoned with. As the figures continue to climb and the industry builds on its upward trajectory, Rhode Island solidifies its position as a major player in the US sports betting landscape.