Rhode Island sports betting handle slips to three-year low in July
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Players in Rhode Island spent $20.2m (£16.0m/€18.7m) wagering on sports in July, the lowest monthly total for three years.
The figure was 19.8% down from $25.2m in July 2022 and 14.8% lower than $23.7m in June of this year. It was also the shortest monthly spend since July 2020 when $6.7m was bet by players.
Some $15.4m of the monthly spend was attributed to online betting. A further $4.9m was wagered at retail sportsbooks within Twin River and Tiverton Casino, split $3.0m and $1.9m, respectively.
In terms of revenue, $1.9m was generated in Rhode Island in July. This was 34.5% behind $2.9m in 2022 but marginally ahead of $1.8m in June.
Of this total, $1.5m came from online betting, while retail’s share totalled $293,397. Twin River generated $298,879 in betting revenue but Tiverton Casino posted a $5,482 loss, bringing the total slightly down.
Rhode Island legalises igaming
Confirmation of the July figures comes in the wake of Rhode Island moving to legalise igaming.
Governor Dan McKee signed Senate Bill 948 into law on 22 June, extending Bally’s land-based casino monopoly into igaming.
Bally’s online arm Gamesys becomes the sole operator active in the Rhode Island. It already operates under a number of brands including Virgin Casino, Tropicana Casino and Rainbow Riches Casino.
There is a 50% tax on online slot revenue with the remainder divided between Bally’s and IGT. Table games are facing a lesser 18% revenue tax.
Access to mobile sports betting in Rhode Island is limited to those aged 21 years of age and older. This is in line with the state’s land-based laws.
Online gaming is to be regulated by the Rhode Island Division of the Lottery, which oversees the two Bally’s casinos in the state.
Geolocation technology will be used to ensure a player is physically in the state. However, the law also outlines certain circumstances when a player is permitted to bet out of state. This is possible when the RI Division of the Lottery enters into a reciprocal agreement with another state regulator.
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