Rhode Island Sports Betting Numbers Fall in May; Only $28M Wagered

Rhode Island 1The Rhode Island Lottery announced the sports betting report for May, and it was a disappointing month for the injury. A slight decrease in sports betting was expected, but the lack of mobile betting was a bit troubling.

The total sports betting handle for the month was $28.25 million in May, after it was $29.04 million in April. That amounts to a decrease of just 2.7%, but this trend is expected to continue over the next few months.

Online betting accounts for at or more than 90 percent in most states with mobile betting, but that isn’t the case in Rhode Island. Betting is split almost evenly between mobile and retail options, but the online betting handle fell by almost $1.5 million from April to May.

The total sports betting revenue in Rhode Island also saw a decrease in May, and this number is even more concerning. Revenue fell 12.6% from April as the state reported a book revenue of just $2.77 million.

Retail sports betting at the Twin River Casino did increase by almost $800,000, which was one of the only signs of growth in the state.

Bettors Waiting For Football

nfl logo 100The drop in sports betting numbers in Rhode Island is not completely unexpected, and this trend has been seen nationally as well. There aren’t as many betting options available during these months, and that will continue throughout the summer.

The next biggest surge in sports betting will occur in September, when the 2021 NFL season begins. The sports betting handle record in Rhode Island was set in January when the state saw nearly $40 million in wagers.

Competition Will Hurt Growth

One thing that could potentially hurt the growth of sports betting in Rhode Island is the sudden emergence of sports betting in New England. Currently, Rhode Island and New Hampshire are the only two states with this industry, but that could be changing very soon.

Connecticut just recently signed a new sports betting bill into law, and that state is expected to launch the industry later this year. Maine has also approved sports betting, but that bill is awaiting signature from Governor Janet Mills.

Those states will provide minimal competition, but the biggest threat is set to come from Massachusetts. There is still work to be done in that state, but it does appear that sports betting is coming.

Other Gaming Numbers Increase

The state of Rhode Island did see an increase in other forms of gambling, and that growth can make up for the losses in sports betting. Rhode Island continues to see plenty of action on table games and on the video lottery terminals that are set up in the state.

Table games posted a revenue of $9.03 million in May, which was an increase of five percent from the $8.6 million that came in during April. Video lottery terminals had a net income of over $40 million in May, going past the $39.1 million in April.

 

Hot Betting News Stories