Rhode Island Sees A Spike In March Sports Betting Profits

• Rhode Island sportsbooks posted a combined handle of $38.584 million for the month of March.
• March Madness bets are what caused an increase in the handle and revenue from February to March the Rhode Island Lottery reports.
• April numbers for Rhode Island should see a further surge with Kentucky Derby betting.

PROVIDENCE, R.I. – March was a great month for sportsbooks in Rhode Island with both handle and revenue showing increases over February’s numbers as seen in the reports released this week. The posted figures were just under the state’s record in handle for the month.

The Rhode Island Lottery (RIL) saw a spike of 13.1% in activity month-over-month with February seeing $34.110 million in wagers while March brought in $38.584 million.

It’s All In The Numbers

The March financial statements from the RIL show a year-over-year surge of 331.1% as March of 2020 had only $8.949 million in handle. However, the outbreak of COVID-19 ceased most sporting events beginning during that time last year which can be attributed to the low betting numbers.

Fast forward to March of 2021 when sports are now back and it can be seen that money has started rolling in. Through the $38.584 million in total handle, $21.2 million of those bets were placed with mobile sportsbooks, a 19% increase from the previous month which brought in $17.8 million through mobile wagers.

As far as revenue is concerned, March had $3.976 million in revenue to contribute from the sports betting industry of Rhode Island. That’s over double the $1.556 million February collected for a jump of 155.6% in revenue. Year-over-year, there was a tremendous uptick of 372.4% as March of 2020 had $841,767 listed on its revenue report.

Looking Ahead

Much of the increases seen for regulated sports betting in Rhode Island came from March Madness wagers. There was no March Madness in 2020, so sports bettors took full advantage of the tournament this year. With the NBA and MLB currently playing, along with the Kentucky Derby coming up, Rhode Island should see even more of an increase for their April reports.

With just a few land-based establishments in the state, the bulk of all Rhode Island sports wagering is done through mobile platforms. Each month, there is a noticeable increase in the number of members joining these sportsbooks to wager in the state. The outlook for more money to be made in the sports betting market for Rhode Island is favorable enough that even a betting man would wager on it.

News tags: COVID-19 | Kentucky Derby | March Madness | MLB | NBA | Rhode Island | Rhode Island Lottery