Rhode Island’s sports betting handle declines by 6.5% in January

Rhode Island’s January sports betting handle saw a 6.5% decline from December’s figures, although revenue was up by almost 22%.

Rhode Island recorded $44.8m in sports betting handle for January, a significant decrease on December’s number of $47.9m and the lowest since September. The handle also fell 28.1% behind the same month last year, which was a record.

$34.8m of the handle was wagered online, while the other $13.1m was bet at retail sportsbooks. Of the retail handle, Twin River and Tiverton Casino took $6.4m and $3.6m in bets respectively.

Despite the downturn in handle, it was a good month for sportsbooks, who accumulated a combined revenue of $5m, over a fifth higher than December’s $4.1m and the highest since Rhode Island started its new financial year.

Online accounted for $3.8m of that figure, which is 76% of the total. By facility, Twin River outperformed the Tiverton Casino, generating $845,340 to the latter’s $402,750.

Rhode Island into H2 of its financial year

Rhode Island is now into the second half of its 2024 financial year. In total, handle for FY2024 stands at $267.2m for the first seven months. At the same point in FY2023, Rhode Island had seen $332.8m in handle, 19.7% higher than FY2024.

Revenue is also down. Rhode Island has generated $23.8m in sportsbook revenue after seven months of this financial year. At the same marker in FY2023, it had accumulated $34.8m in sports betting revenue, again 31.6% higher.

The year-on-year decrease is applicable to lottery, too. Rhode Island’s monthly gross sales in lottery amounted to $25.3m in January, down from $28.6m in December and an even sharper decrease from $29.2m in the same month last year.

Original Article