Rhode Island Sports Betting Sees Mixed Results in November

The sportsbooks in Rhode Island witnessed a dip in their overall performance, both on a month-on-month and year-on-year basis.

Financial Highlights from Rhode Island’s Sportsbooks

In November, the sportsbooks in Rhode Island generated a total revenue of $3.31 million. This figure, unfortunately, signifies declines from both the previous month and the same period last year. The total betting handle for the month was recorded at $48.3 million, indicating a 21% decrease compared to November 2022 and a 5% increase from October 2023. Despite the increase in handle, the revenue for November was 25% lower than October’s and nearly 30% lower than the revenue in November of the previous year.

Rhode Island’s sports betting landscape includes two retail sportsbooks operated by Bally’s and one online sportsbook managed by Caesars. The Bally’s Twin River Lincoln and Tiverton locations reported revenues of $488,920 and $348,253, respectively, with a combined handle of $9.64 million. However, the online sportsbook by Caesars demonstrated a more robust performance, dominating the state’s sports betting scene with a total handle of $38.64 million and revenue of $2,576,027.

Comparative Analysis of Rhode Island’s Fiscal Year Performance

Since the beginning of the current fiscal year in July, Rhode Island’s sportsbooks have accumulated revenue of $14.69 million, a notable decline from the previous fiscal year. This trend mirrors the broader challenges faced not only by the sports betting sector but also by the casino gaming industry in the state. For instance, revenue from VLTs (Video Lottery Terminals) saw a 1.5% year-on-year decline to $40.7 million, and table game revenue dropped by 5.5% year-on-year to $10.8 million.

The Rhode Island Lottery itself has not been immune to these trends, as evidenced by a nearly 15% month-on-month sales decrease to $23.5 million in November.

Our Comment on the Article

The November performance of Rhode Island’s sports betting industry presents a nuanced picture. While there is a slight increase in betting handle compared to October, the overall revenue decline points to larger challenges in the market. The strong showing of the online sportsbook sector, particularly Caesars’, highlights the growing preference for online betting among consumers.

However, the downturn in both sports betting and broader casino gaming revenues suggests that operators and regulators may need to reassess their strategies to adapt to changing market dynamics and consumer behaviors. This period might serve as a crucial learning curve for the industry, offering insights into evolving trends and potential areas for innovation and growth in Rhode Island’s gambling sector.