The state of Rhode Island has experienced a noticeable drop in its sports betting handle for the month of January, coming in at $44.8 million. This figure showcases a substantial 6.5% decrement compared to December’s $47.9 million, marking the lowest point since September. The decrease does not stand alone as a month-over-month scenario but also represents a significant 28.1% slide when juxtaposed against the handle in the same month the previous year, where a record had been set.
The distribution of January’s sports bets was predominantly online, with $34.8 million placed virtually, as opposed to the $13.1 million wagered at retail sportsbooks. A microscopic view of the retail sector reveals that Twin River and Tiverton Casino were at the center of this activity, securing $6.4 million and $3.6 million in sports bets, respectively.
In an interesting twist, while the total sports betting handle suffered a decline, bookmakers in Rhode Island actually saw a surge in profit margins. They cumulatively tallied a revenue of $5 million over the course of the month, which reflects a significant increase of over 20% compared to December’s revenue of $4.1 million. Impressively, this is the most sizeable monthly revenue since the commencement of the new financial year for Rhode Island.
It was the online sportsbooks that had the lion’s share of this revenue, contributing $3.8 million – a massive 76% of total earnings. Looking closely at individual performances, Twin River stood out from its competition, raking in $845,340 while Tiverton Casino trailed with a revenue of $402,750.
As Rhode Island treks through the second half of its 2024 financial year, there’s an unmistakable concern with the overall gambling numbers. So far, the total handle for FY2024 is reported to be $267.2 million for the first seven months, lagging 19.7% behind the $332.8 million recorded at the same point during the previous fiscal year (FY2023).
The revenue numbers have echoed this downward trend. Within the same seven-month time frame of this financial year, Rhode Island has generated a sportsbook revenue of $23.8 million. In comparison, the FY2023 marker for the identical period sat at a more substantial $34.8 million, translating to a noteworthy 31.6% year-on-year reduction.
A similar pattern of decline has been noted in the Rhode Island lottery revenue. The state’s monthly gross lottery sales hit $25.3 million in January, trailing December’s figures of $28.6 million and falling even more sharply from the $29.2 million garnered in January of the previous year.
While fluctuations in the gambling industry are not uncommon, the series of declines across the board for Rhode Island has raised concerns and drawn attention to the overall health of the state’s gambling market. This trend may prompt state officials and gambling stakeholders to reassess their strategies in hopes of revitalizing this important economic sector.
From revenue reports to individual facility performances, Rhode Island’s sports betting landscape is under scrutiny. While the recent increase in sportsbook profit depicts a silver lining, the overall downturn in gambling revenue necessitates a call to action for revitalizing the betting industry’s vitality in the state. As the fiscal year continues, industry analysts, state officials, and casino operators will be keeping a close eye on the numbers, hoping for a turnaround in the months ahead.
