Rhode Island’s regulated sports betting sector has enjoyed its strongest month to date, with revenue hitting a new high of $2.2m in June.
Revenue at the Twin River Tiverton and Lincoln casinos, the only venues permitted to offer wagering in the state, was up significantly from the $899,165 generated in May.
Customers staked $14.7m, down 22.0% from May. Growth came as a result of a decline in player winnings, which offset a month-on-month decline in amounts wagered.
Payout for the month fell to $12.6m, resulting in the state’s hold increasing to 14.6%. May had seen customers win back $18.0m, or 95.2%, of amounts wagered.
The vast majority – $11.7m – was wagered at Twin River Lincoln, which after paying out $10.0m in winnings to customers was left with revenue of $1.7m. The Tiverton venue, meanwhile, saw stakes decline to $3.0m, with $445,387 in revenue left after customers won $2.6m.
Since the Rhode Island sports betting market launched in November 2018, customers have staked $127.6m and won $120.7m, leaving revenue of $6.9m for the state. The state receives 51% of revenue, with a further 32% going to the sports betting technology provider International Game Technology, and the casino receives the remaining 17%.
While Governor Gina Raimondo originally projected revenue of $23.5m from sports betting in the state budget passed last year, this has since been revised down to $11.5m. However, with mobile wagering yet to launch – despite Raimondo signing a bill into law in March – the state looks set to miss its target by some distance.