Rhode Island Records Month-on-Month Growth in December Revenue

GamingToday.com is an independent sports news and information service. GamingToday.com has partnerships with some of the top legal and licensed sportsbook companies in the US. Gaming Today may receive referral compensation from the sportsbook company when you claim a bonus offer or promotion through a link on this site. Although the relationships we have with sportsbook companies may influence the order in which we place companies on the site, all reviews, recommendations, and opinions are wholly our own. They are the recommendations from our authors and contributors who are avid sports fans themselves.

For more information, please read How We Rate Sportsbooks, Privacy Policy, or Contact Us with any concerns you may have.

Gaming Today is licensed and regulated to operate in AZ, CO, CT, DC, IA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MS, NJ, NV, NY, OH, ON, PA, TN, VA, VT, WV, and WY.

In the midst of experiencing consecutive yearly decreases in both sports betting handle and revenue, Rhode Island demonstrated signs of improvement by showcasing a significant month-to-month upswing in December revenue.

Rhode Island revenue amounted to $4.1 million, reflecting a 33.9% decline compared to the $6.2 million recorded in the corresponding month of 2022. However, it marked a 20.6% increase from November’s revenue of $3.4 million.

Total money wagered by players in Rhode Island totaled $48 million in December, showing a 19.1% drop compared to the previous year. Although Nov. 2023’s total was only marginally higher, suggesting a relatively consistent spending pattern among players in the state.

From the total amount spent in December, which was $48 million, $39.1 million was wagered online and $8.8 million was wagered at retail sportsbooks. In terms of retail sports betting, Tiverton Casino received $3.3 million in bets, while Twin River contributed $5.6 million.

RI Online Sports Betting Generates Handsomely to Revenue Purse

The majority of the $3.6 million in revenue generated by the betting industry came mostly from online betting, which was its main source of income. However, retail wagering brought in $591,275 to the total earnings. When the income for retail venues is broken out, Twin River shows $267,201 in revenue, whereas Tiverton Casino shows $324,074, demonstrating a noteworthy performance even with a smaller handle.

When it comes to player wins, a whopping $21.9 million was given out in December. Players who wagered online won $15.8 million, while those who wagered in person won $8.2 million.

2024 Fiscal Year Report: $222.4 Million in Consolidated Bets on Sports

The first half of Rhode Island’s 2024 fiscal year concluded in December, revealing a total sports wagering activity of $222.4 million. Online sportsbooks dominated the betting landscape, attracting the majority of wagers at $175.8 million, while traditional retail venues contributed $46.5 million.

Within the retail sector, Twin River facilitated sports wagers amounting to $29.4 million, whereas Tiverton Casino recorded $17.1 million in sports betting transactions.

In terms of revenue, the first six months of the year yielded a total of $18.8 million. Online betting proved to be a significant revenue driver, contributing $15.3 million, while retail betting accounted for $3.6 million. Among the retail establishments, Twin River’s contribution to the overall revenue stood at $2.4 million, and Tiverton Casino played a role with $1.2 million.

With this report, it is very evident that online sportsbooks have impacted the Rhode Island sports betting market. Meanwhile, the preferences and financial results have also highlighted online sports betting platforms as a more convenient means for bettors, which raises questions about the future of retail sports betting.

In other news, it has been reported that the Ocean State is poised to initiate iGaming within this year. This development comes after Governor Dan McKee officially signed the bill into law during the middle of the previous year.

READ MORE: 

About the Author
Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with over four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

Get connected with us on Social Media