Sports betting handle for Rhode Island falls 6.5% in January
East coast state posts lowest figures since September 2023, although monthly revenue rises
Rhode Island recorded a significant decrease in sports betting handle for January 2024, with the latest monthly total of $44.8m showing a 6.5% drop from the $47.9m taken in December 2023.
The January numbers represent the state’s poorest performance for sportsbook handle since September 2023’s low of $37.6m, with this being compounded by the fact that total was also 28.1% lower than the results for the same month last year – a record decline year-on-year (YOY).
Of the $44.8m in sports betting handle, $34.8m was wagered online, with the remainder coming from retail sportsbooks in the state. Looking at the latter, Twin River and Tiverton Casino were Rhode Island’s best performers, contributing $6.4m and $3.6m in bets to the January total, respectively.
Despite the sharp downturn in handle, it was a good month for sportsbooks in general, with combined revenue coming in at $5.1m. This figure represents a 22% increase on the $4.1m taken in December 2023, with the number also being the highest since Rhode Island started its 2024 financial year.
Once more, online sports betting was the strongest contributor to the January revenue numbers, with the $3.8m taken in virtual wagers accounting for 76% of the total. Again, Twin Win outperformed Tiverton Casino in this category, generating $845,340 in revenue to the latter’s $402,750.
With Rhode Island now into the second half of its 2024 financial year, total handle for FY 2024 stands at $267.2m for the first seven months. At the same point last year, the state had recorded $332.8m in handle – some 19.7% higher than its latest results – and this downward trend was also replicated in revenue for the same period.
The state has generated $23.8m in sportsbook revenue for the financial year thus far, while at the same point in FY 2023 that number was $38.4m (31.6% higher). The YOY decrease was also felt across lottery too, with gross lottery sales in January 2024 coming in at $25.3m – down from $28.6m in December and $29.2m from January 2023.