Rhode Island Clears $200M Lifetime Revenue at 6-Year Sports Betting Anniversary

by | Nov 27, 2024 1:12 pm | Revenue | 0 comments

Rhode Island Clears $200M Lifetime Revenue at 6-Year Sports Betting Anniversary

Rhode Island Sportsbook

  • Tuesday marked six years of land-based sports betting in Rhode Island.
  • Since 2019, Rhode Island sportsbooks have earned north of $200 million from sports betting
  • Rhode Island residents bet roughly 30% less year over year at retail locations from fiscal year 2022 to 2024.

PROVIDENCE, R.I. – Rhode Islanders celebrated six years with land-based sports betting on Tuesday. The state’s sportsbooks have earned over $200 million in legal sports betting revenue since launching on Nov. 26, 2019.

Although the $200 million lifetime revenue mark is worthy of celebration, land-based sportsbooks in Rhode Island haven’t felt much of that revenue in recent years. Competition with neighboring states like Massachusetts and Connecticut paired with a steady increase in local online betting has hurt the pockets of brick-and-mortar sportsbooks in Rhode Island.

Increased Neighboring Competition, Online Betting Hurting Land-Based Books

Since 2022, Rhode Island sports betting handle has been on a steady decline at Twin River and Tiverton Casino, with the exception of 2023 for Tiverton. Online sports betting in Little Rhody has been on the rise, but it’s fair to say the Massachusetts online sports betting launch in 2023 has permanently damaged Rhode Island’s sports betting handle.

Fiscal Year Twin River Handle Tiverton Casino Handle Online (Mobile) Handle
2022 $164,904,853 $61,853,325 $290,471,436
2023 $115,331,423 $62,253,511 $331,884,503
2024 $61,634,732 $30,204,341 $366,974,816

Rhode Island sports betting revenue statistics by fiscal year show that Twin River saw a 30% decrease in bets from 2022 to 2023, followed by a 46.5% decrease from 2023 to 2024. Betting traffic at Tiverton Casino actually slightly increased from 2022 ($61.8m) to 2023 ($62.2m), but plummeted 51.5% in 2024.

Online sports betting was responsible for 82.4% of legal Rhode Island sports betting revenue in fiscal year 2024, which is still higher than most states but far higher than 2023 (64.3%) or 2022 (55.6%). Land-based sportsbooks in Rhode Island can celebrate six years of operation proudly, but the state is continually trending towards a dominant online presence.

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