As fall colors graced the landscapes of Rhode Island, sports enthusiasts sought their own shade of green by trying their luck with bets on their favorite teams and sports. Punters in the Ocean State wagered a hefty sum of $45.8 million on sports in October, marking not just an upswing in the sector but also the highest monthly total bet since January. Although this figure represents a dip by 25.2% from the $61.2 million placed in October of the previous year, it’s an impressive hike of 21.8% from September’s betting volumes in the current year.
This sprightly performance in the betting sector has given operators and the state reasons to stay optimistic. The local betting landscape has seen its ups and downs, with the October total nearly rivaling the record-breaking $62.3 million in bets from January 2023. The distribution of this total saw the lion’s share of $36.4 million being wagered via online platforms, with retail sportsbooks accounting for the remaining $9.5 million. The brick-and-mortar establishments saw $6.3 million in wagers at Twin River and $3.2 million at Tiverton Casino.
The revenue narrative followed a similar theme. October’s end saw $4.5 million in revenue, which, despite falling short by 8.2% from the same month last year’s $4.9 million, surpassed September’s $3.5 million by 28.6%. This notches up October as the year’s second most profitable month, with January maintaining the lead with its $5.2 million revenue.
Mobile betting continued its trajectory as the dominant force behind the revenue, raking in $3.7 million, with retail contributing $835,276. Twin River’s individual revenue was notable at $584,987, and Tiverton Casino added $250,289 to the pot.
Players saw considerable returns too, winning a total of $41.3 million from betting in October. Once again, online betting platforms paid out the majority of those winnings, amounting to $32.6 million, while $8.7 million was disbursed by retail sportsbooks.
Curiosity naturally extends to the performance across the broader spectrum of the year. Statistics have shown that, up to the end of October, Rhode Islanders have pumped a substantial $126.2 million into sports betting ventures. Internet-based betting takes credit for $97.1 million of that total, and retail operations claim the remaining $28.1 million.
The generated revenue for the state in this 10-month period tallied up to $11.3 million. Diving into the details, online betting was responsible for contributing $9.2 million, and retail sources contributed $2.1 million.
The winning figures for the players echoed the betting enthusiasm in Rhode Island, with a collective $114.9 million pocketed in the same timeframe.
As the months have rolled by, the figures not only paint a picture of a fluctuating betting industry but also highlight the steadily growing trend of online sports betting in Rhode Island. The convenience and accessibility of digital wagering continue to sway bettors, a trend reflected in the substantial portion of bets and revenues stemming from mobile platforms. It is evident that despite year-on-year variances, the sports betting industry remains a vibrant and highly participated sector in Rhode Island’s economy. As stakeholders take stock of the October results, they do so with an eye towards continued growth and adaptation in the evolving world of sports betting.
