Browse articles by topic

Rhode Island wagering revenue slumps in July


Rhode Island’s regulated sports betting market has reported a 61.5% month-on-month decline in revenue for July. However, mobile betting may soon launch in the state, with a roll out planned for the start of the National Football League season.

Having posted the market’s highest monthly total to date in June, revenue fell from $2.1m to $827,579. Amounts wagered over the month dropped 43.5% to $14.7m, with customers winning back $7.5m.

The vast majority of wagering activity took place at the Twin River Casino in Lincoln, where customers staked $6.6m, and the venue paid out $6.0m in winnings, leaving revenue of $622,041. 

The Twin River Tiverton, on the other hand, handled $1.7m in bets, with customers winning $1.5m, for total revenue of $205,538.

July marked the start of Rhode Island’s 2019-20 fiscal year, after the state’s 2018-19 year saw the two land-based facilities generate revenue of $6.9m from 26 November, when Twin River Lincoln launched legal wagering. The venue has consistently outperformed the Tiverton property, accounting for $5.3m of the total, compared to Tiverton’s $1.6m contribution.

The state’s market may soon receive a boost from the launch of mobile betting. A bill legalizing mobile wagering was signed into law by Governor Gina Raimondo in March, and a roll-out is coming soon.

The Rhode Island Department of Revenue’s chief of information and public relations Paul Grimaldi told iGB North America that the state’s sports wagering app was currently being tested by an independent, third-party testing lab. While the state is unable to set an exact launch date, the aim is to launch in time for the start of the National Football League season in September, he said..

“Because the app is in the testing phase, an exact timeframe or date by which mobile sports wagering will begin is uncertain,” Grimaldi explained.

“The hope is to have mobile sports wagering begin on or before the National Football League season begins on September 5, 2019; but that date is subject to change based on testing results.”