February Sports Betting Revenue in Rhode Island Declines to $1.5 Million

Sportsbook revenue in Rhode Island has achieved the total of $1.5 million in February, which is a 33% decline on annual level and a 58.5% fall from January.

Players in this Eastern state have placed $34.1 million in sports bet during the month, which is actually 14.3% less than in January, although it is an increase of over 21% from February 2020.

A Snag in the Plan

$975,735 has been made in mobile betting revenue, which is more than double 2020’s mobile betting total.

The land-based revenue in Twin River Casino and Tiverton Casino has totaled $580,089, which is a major decline of 67.7%.

In February, Rhode Island players wagered $17.8 million on mobile betting in comparison to the $16.2 million wagered between Twin River and Tiverton Casino retail sportsbooks.

Tiverton performed better in of revenue, as they made $332,397 from $4.7 million in bets. Players staked more at Twin River, however – $11.6 million.

The beginning of the financial year ion Rhode Island was in July and since then the revenue totaled $22.6 million, from $227.6 million in spending.

Making it Easier

It was also in July when a revised sports betting legislation was introduced in Rhode Island.

A new legislation was introduced that makes it easier to place mobile sports betting wagers. This was brought in to generate more revenue to the state budget, while changing the rule under which citizens in person at Twin River casino.

Senators who introduced the legislations said that enabling people to online is important in the times of social distancing and this will present an added convenience to enhance revenue for the people of the state.

Source:

“Rhode Island sports betting revenue falls to $1.5m in February”, igbnorthamerica.com, March 31, 2021.