Financial

In November, Rhode Island bet over $682,000 on sports

Figures published by the Rhode Island Lottery show that in the first four days of legal sports betting, over $682,000 was wagered on sporting events.

Out of the total amount wagered on sports, the one operational sportsbook in Rhode Island at the time held onto almost $73,000.

It is important to remember that the November’s figures only account for the Twin River Casino in Lincoln after the Casino launched sports betting operations on 26 November 2018.

In December, Twin River launched sports betting operations at the Tiverton Casino Hotel, bringing the total number of sportsbooks in the state to two.

Although sports betting operations in the state held on to about 10% of sports betting handle, four days is too short a time frame to make predictions for the future of sports betting in Rhode Island. Especially when the state launched sports betting operations halfway through the NFL season.

When it comes to generating a profit, Rhode Island sportsbooks only hold onto a very small amount of revenue.

This is because the Rhode Island Lottery works alongside William Hill and International Game Technology (IGT) to offer sports betting in the state.

Rhode Island casinos with sportsbooks only hold onto 17% of revenue while IGT receives 32% and the state receives 51% of sports betting revenue.

The amount of revenue that is allocated to the state has the potential to limit the growth of the Rhode Island sports betting market.

The two Twin River casino properties are the only venues in the state that hold sports betting licenses and it is likely to remain this way for some time.

December’s figures will help to paint a clearer picture of the Rhode Island sports betting market.

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