The Rhode Island Lottery released the June sports betting numbers, and suffice to say that it was a very successful month – even though June is in the quiet part of the sports betting calendar.
Rhode Island enjoyed its strongest month of sports betting revenues to date when it collected $2.2 million in June. There are just two casinos in the state that are allowed to take sports bets but both saw sizable increases from the month of May when they collected $899,165.
What’s interesting to note is that the total action wasn’t up in June. In fact, it notably declined as the total handle in May was nearly $18 million while the action in June was just $14.7 million. However, the biggest differences in the revenues was the fact that players lost more in June compared to May.
Of the two places in Rhode Island which accept legal sports bets, Twin River Lincoln receives the majority of the action.
In June, the casino saw $11.7 of the action – nearly 80% of all bets placed in the state – while Tiverton saw just $3 million.
At Twin River Lincoln, players won back $10.0 million of their $11.7 million bets. Meanwhile, Tiverton players won back $2.6 million on their $3.0 million in bets.
Sports betting in Rhode Island started in November of 2018 and has now been legal for half of a year. To date, customers have bet $127.6 million while winning $120.7 million of that amount.
As a result, that’s left $6.9 million to be shared by three entities. The state receivers 51% of the revenue, which gives them the biggest cut. The technology operator, International Game Technology (IGT) gets 32% of the profits then the casino gets to keep the remaining 17%.
That means the state has added $3.519 million to its budget so far while the operator has earned $2.208 million and the casinos have picked up $1.173 million.
Overall, the numbers have been slightly off the marks that were originally set. While no one is complaining, it’s worth noting that Governor Gina Raimondo projected that the state would have about $23.5 million to work with as a result of the legalization of sports betting. However, that number has been revised down to $11.5 million.
What will give the numbers a boost is when online sports betting is legalized. That bill was signed into law in March but the online and mobile action has yet to get underway. Once players have the ability to bet from their phones rather than having to visit the brick-and-mortar casinos, the Rhode Island sports betting revenues are expected to get a significant boost.