Home Finance Rhode Island sports bets declined by 6.5% during January

Rhode Island sports bets declined by 6.5% during January

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Rhode Island sports betting handled in January was down 6.5% from the December figures. Revenues were up almost 22%.

Rhode Island’s sports betting handled for January was $44.8m, which is a substantial decrease from December’s $47.9m. It also represents the lowest handle since September. This month’s handle was also 28.1% lower than the previous year.

The handle of $34.8m came from online wagering, and the remaining $13.1m were placed at sportsbooks. Twin River Casino and Tiverton casino took bets totaling $6.4m ($3.6m) and $3.6m ($6.4m), respectively, of the handle.

It was still a great month for the sportsbooks. They raked in $5 million, a full fifth more than the $4.1 million they earned last December and their highest revenue since Rhode Island began its financial year.

The online portion of this total was $3.8m, or 76%. Twin River Casino outperformed Tiverton, with $845,340 compared to $402,750.

Rhode Island in H2 of the financial year

Rhode Island has now entered the second half its financial year 2024. Total handle in FY2024 is $267.2m. Rhode Island’s handle at the same time in FY2023, which was $332.8m, is 19.7% more than in FY2024.

The revenue is down. After seven months in this fiscal year, Rhode Island generated a sportsbook revenue of $23.8m. In FY2023, the state had generated $34.8m, a 31.6% increase.

Lottery is not exempt from the year-over-year decline. Rhode Island’s gross monthly sales of lottery were $25.3 million in January. This is down from 28.6 million in December, and a sharper drop from 29.2 millions in the same period last year.

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