Rhode Island Sees Dip in Sports Betting Handle for January

Rhode Island, renowned for its sports betting activity, witnessed a notable decline in its betting handle for January, according to recent reports. The state's sports betting handle dipped by 6.5% compared to December figures, totaling $44.8 million. This decline marks the lowest handle since September and stands 28.1% lower than the same month last year, which set a record.

Of the total handle, online wagering accounted for $34.8 million, while $13.1 million was placed at retail sportsbooks. Notably, Twin River and Tiverton Casino recorded $6.4 million and $3.6 million in retail bets, respectively.

Despite the downturn in handle, Rhode Island's sportsbooks saw a surge in revenue, accumulating a combined $5 million. This marks a significant increase of over 20% compared to December's revenue and stands as the highest since the commencement of the new financial year. Of this revenue, online betting contributed $3.8 million, highlighting the growing significance of digital platforms in the state's sports betting landscape.

As Rhode Island enters the second half of its 2024 financial year, comparisons with the previous year reveal a decline in both handle and revenue. Handle for FY2024 stands at $267.2 million, a decrease of 19.7% compared to the same period in FY2023. Similarly, revenue has decreased by 31.6% year-on-year, reflecting a broader trend of decline in the state's sports betting activity.

The decrease in gambling activity extends beyond sports betting, affecting lottery sales as well. Rhode Island recorded a decline in monthly gross sales in lottery, further highlighting the economic challenges faced by the state's gambling industry.

As Rhode Island navigates through the remainder of its financial year, stakeholders in the gambling sector anticipate strategies to revitalize betting activity and mitigate the ongoing decline in revenue and handle.