Rhode Island Posts Highest Revenue Month, Despite Low Sports Betting Handle

• Since their launch, Rhode Island sportsbooks have taken in almost $94 million in wagers.
• The state has the lowest hold for 2019 (3.48%) of every legal sports betting state.
• Twin River Casino has accounted for nearly 75% of the state’s yearly sports betting revenue.

PROVIDENCE, R.I. – April had the lowest sports betting handle in Rhode Island for the year; however, things couldn’t be more different when looking at the revenue.

Throughout the month, the two licensed Rhode Island sportsbooks had a total of $16,859,818 enter into their systems. This only exceeds December of last year in terms of the handle, excluding their initial launch the last week of November.

But revenue numbers were the highest they have ever been in the state, as the books kept $1,970,110 of the handle.

This is the first time (sans November 2018) that the sportsbooks kept at least 10% of the money gambled. Rhode Island bettors have been notorious for “beating the books”, posting the lowest hold percentage of any legal sports betting state.

Over the course of the year, gamblers have won over 96% of all action, which well above the nationwide average of 94%, when you consider how small the margins in sports betting can be. Even a percentage change that small can completely modify revenue expectations.

In terms of the two books, Twin River Casino continues to be the leader of the pair. Their $13.6 million in handle accounted for 81% of the action for the month. The casino has now eclipsed a total handle of $77 million since November 26, 2018, launch.

Revenue for Twin River set a new monthly high ($1.57 million) in April, all in part to their 11.5% hold.

As for Tiverton Casino, they posted their second-highest monthly gross revenue at $399,149. This is only $9,000 less than their March record even though the gamblers wagered over $1 million less this month ($3.2 million) than in March.

With a 51% tax from the state, the general fund for Rhode Island will receive $1,004,756 from April sports betting. Making over $1 million for the first time in a month, Rhode Island saw their total sports betting revenue since launch double from April alone.

Upcoming milestones that are likely to happen in May’s report include the state surpassing $100 million wagered since their launch. If progress keeps occurring in Rhode Island, it is possible they get closer to their expected revenue numbers; however, the threat of a lawsuit still threatens the state.

News tags: Rhode Island | RI revenue | sports betting | Tiverton Casino | Twin River casino