Rhode Island released its May sports betting revenue statistics and there are some interesting numbers.
First off, according to the Rhode Island Lottery sports book summary, the two casinos in the state that offer sports betting – Tiverton and Twin River Lincoln – actually had more money on bets than the previous month, from $16.86 million to $18.9 million.
However, the combined sports betting book revenue in the state dropped from $1.9 million in April to $899,165 in May. April was the most profitable month for Rhode Island’s sportsbooks since the state legalized sports betting last year, in the wake of the U.S. Supreme Court’s decision to strike down the Professional and Amateur Sports Protection Act.
Twin River Lincoln Casino saw much more action in overall bets placed at $14.63 million and took in a bit more book revenue at $574,703. Tiverton Casino had $4.26 million in overall bets and book revenue of $324,462.
Since legalized betting started in the end of November, Rhode Island has earned just over $4.7 million overall in book revenue with Twin River Lincoln totaling $3.57 million and Tiverton taking in $1.15 million.
Rhode Island had some very solid months of action from March to April. The revenue dip in May is not pretty but again it shouldn’t come as a surprise.
Twin River Lincoln Casino had an overall revenue of $19.3 million in March and $13.6 million in April with book revenues of $1.14 million and $1.57 million in those months. Tiverton Casino saw $4.25 million in overall revenue in March and $3.19 million in April with book revenues of $408,062 in March and $399,149 in April.
All in all, Twin River Lincoln Casino fell nearly $1 million in book revenue while Tiverton Casino fell roughly $75,000 from April to May in book revenue. Twin River Lincoln Casino has accounted for a tad bit more than 76 percent of the total book revenue in Rhode Island since legal sportsbooks in the state launched in November 2018.
An online option doesn’t exist for gamblers just yet in The Ocean State. The Rhode Island Lottery only allows customers to make bets on sports action in-person for now. On March 25, Gov. Gina Raimondo signed a bill to allow mobile sports betting.
The bill allows for a mobile app that would create sports betting online through the sportsbook at Twin River Lincoln. Any customers interested in making wagers online have to be in the state of Rhode Island to do so.
The revenue that could be had with online sports gambling is clear and obvious, with New Jersey standing as the prime example. Rhode Island’s revenue numbers would go up, the options would increase for bettors and it would be convenient to bet from home rather than driving to one of the two casinos for those who are still deciding if they want to bet or not.