Rhode Island reports sports betting revenue decline

Rhode Island reports sports betting revenue decline

Players wagered US$20.7 million on sports in February 2019. Credits: Getty Images

February was the first month in which the state posted negative results ever since it legalised the segment.

US.- Rhode Island has released its legal sports betting revenue results this week, which indicate that the state registered for the first time a loss as higher player winnings offset an increase in sportsbook handle.

Players wagered US$20.7 million on sports in February 2019, which is US$1.6 million higher than what they had wagered in January, when the state registered US$19.1 million in handle. However, consumers also enjoyed a higher win rate and registered US$21.6 million in winnings. The difference between the handle and the win rate is what has made the state report a revenue loss in February.

Twin River Lincoln accepted US$16.6 million in wagers during February operations, but with a win rate of US$17.6 million it made the facility make a loss of US$908k. On the other hand, Twin River Tiverton registered US$4.03 million in sports wagers and customers won US$4.02 million, therefore the facility posted revenue of US$17.6k.

The state prepares for mobile sports betting

Rhode Island is not just the first and only state to legally offer sports betting, it has also become the first to offer mobile sports betting. The Governor of Rhode Island Gina Raimondo signed into law a bill that allows mobile sports betting during the last week of March.

The law allows the creation of an app that people can use to access the sports betting offerings at the Twin River facilities, but anyone who wishes to place a bet must be physically present in Rhode Island. Currently, bets must be placed in person at the Twin River casinos in Lincoln and Tiverton.

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