The sports betting segment in Rhode Island registered a 61.5% decline in July when compared to the previous month’s results.
US.- The Rhode Island Lottery, in charge of handling sports betting operations in the state, reported this week the latest financial figures. The sports betting segment in Rhode Island registered a 61.5% decline in July when compared to June’s results.
While it’s not surprising that the state posted a revenue decline, considering that it registered the highest monthly revenue to date in June, the 61.5% decline seems lower than expected. Revenue in July totalled US$827k, significantly lower than June’s US$2.1 million.
Moreover, gamblers wagered US$14.7 million, approximately 43.5% lower than June. Customers won US$7.5 million and most of the activity took place at Twin River, where customers raked in US$6.6 million. The casino generated US$622k in revenue after paying out US$6 million in winnings.
June was a successful month for sportsbooks in the state, as they more than doubled revenues. The Lottery reported that the two sportsbooks in the state registered a combined revenue of US$2.1 million, which is significantly higher than the US$899k that they had posted in the previous month. Despite these numbers, sports betting handle suffered a setback to US$14.7 million from May’s US$18.9 million.
June was the best month to date for both Rhode Island’s Twin River and Tiverton Casino sportsbooks, as they posted record-highs. Twin River took in US$11.7 million in bets and generated US$1.7 million in revenue in June. On the other hand, Tiverton Casino generated US$445 million in revenue, with players betting over US$3 million at the facility.