Rhode Island Sports Betting Sees Further Declines in December
Date: 2024-02-17 Author: Dima Zakharov Categories: SPORTS BETTING
Player Spend Dips by 19.1% Year-on-Year
Rhode Island's sports betting scene witnessed a notable decline in player spending in December, amounting to $47.9 million. This marked a 19.1% decrease from December 2022 and a marginal 0.6% dip from November 2023.
Online Dominance in Wagering
Out of the total expenditure, $39.1 million was wagered online, highlighting the increasing prominence of digital platforms. The remaining $8.8 million was bet at physical sportsbooks, with $5.6 million at Twin River and $3.3 million at Tiverton Casino.
Revenue Shows Recovery Despite Yearly Drop
Revenue figures for December showed signs of recovery, reaching $4.1 million. While this represented a 33.9% decline from the same month in 2022, it marked a 20.6% increase from November's revenue of $3.4 million.
Online Betting Leads in Revenue
Online betting contributed significantly to revenue, generating $3.6 million, whereas retail wagering accounted for $591,275. Twin River recorded $267,201 in revenue, while Tiverton Casino saw $324,074 despite handling a smaller volume.
H1 Handle Exceeds $220 Million
The first half of Rhode Island's 2024 fiscal year saw a total sports wagering handle of $222.4 million. Online platforms attracted $175.8 million in bets, while retail venues recorded $46.5 million. Twin River processed $29.4 million in wagers, with Tiverton Casino handling $17.1 million.
Revenue Breakdown
Revenue for the same period amounted to $18.8 million, with online platforms contributing $15.3 million and retail betting bringing in $3.6 million. Twin River accounted for $2.4 million of the retail revenue, with Tiverton Casino contributing $1.2 million.
