The sports betting industry in Rhode Island experienced a setback in October as it registered US$2.5 million in revenue.
US.- The Rhode Island Lottery has reported that sports betting revenue in October declined as operators in the state registered US$2.5 million in revenue. The results are virtually the same as the ones from September.
The poor performance comes despite Rhode Island registering its highest-ever sports betting handle. Players bet around US$28.3 million on sports in Rhode Island in October. The previous record had been set in March, when the state registered US$23.6 million in sports betting handle.
Rhode Island also registered another record: payout to players totalled US$25.8 million, and that is the reason why the October results were worse than September’s even though the figure was similar.
Moreover, online sportsbooks registered a handle increase of 78$ from September, a month in which it launched operations in the first week.
The segment posted US$2.5 million from sports betting in September, which is almost three times higher than what it has registered in August.
The US$2.5 million figure is 195.4% higher than August’s US$851k and breaks the US$2.2 million monthly record that was set in June 2019. This increase was led by a rise in sports betting handle, which reported a 120.6% increase to US$22.2 million, up from the US$10.1 million in August.
While mobile sports betting was introduced in August, retail is still the most popular modality of sports betting. In September, players wagered US$18.9 million at Twin River Casino in Lincoln and Twin River Tiverton. This represents a 177.7% increase from the US$10.6 million wagered in August.