Rhode Island Sports Betting Too Posts Record Handle

Rhode Island has posted a new sports betting record for October in total handle, mobile handle, and revenue for the state. According to figures released by Rhode Island Lottery on Monday, sports betting handle for the month was $34.7 million, a significant increase of 10.9% from September and 22.7% more than October 2019’s total of $28.3 million.

The Ocean State’s October figure was the highest handle of 2020, eclipsing the $31.3 million recorded in September. The state also witnessed increased activity across all major sportsbooks, leading the sports betting revenue to $4.4 million, up against September’s figure of $2.4 million and the $2.5 million reported in October 2019.

Additionally, Rhode Island saw the mobile sports betting handle of $15.4 million, representing a 9.1% increase from September’s $14.1 million and a 162.2% gain from October 2019 ($5.9 million).

Further Breakdown

The Ocean State’s brick-and-mortar sportsbooks performed better than the mobile sports betting apps, representing a departure from general trend across the other states. The Twin River Lincoln and Tiverton casino sportsbooks accepted $19.3 in wagers, while $15.4 was bet on mobile.

The Twin River Lincoln venue took $14.1 million in wagers while generating $1.7 million in revenue; the Tiverton venue took $5.3 in wagers and generated $694,763.

Rhode Island’s mobile betting option drew $2 million in revenue in October, representing a 133.6% increase from the $856,000 worth of revenue gained in September. More significantly, October’s mobile betting revenue is the highest monthly figure since the Ocean State saw its first app launch in September 2019. The state had subsequently removed the in-person requirement for iGaming registration through an amendment earlier in July.

Online Betting Boom

Following months of closures, the sports betting market in Rhode Island is now in the rebuilding process. Mobile sports betting has turned out to be the main catalyst for the booming market.

The highest ever $2 million of the total sports betting revenue came from mobile sportsbooks reflects a huge jump from September’s $856,000. It also sets new trends and standards for online betting in the upcoming months. With the virus still taking the center-stage, it is not unexpected that bettors will prefer betting on sports via mobile apps instead of going out to land-based sportsbooks.

Sports Betting in Rhode Island

Initially, sports betting in the Ocean State was restricted to two land-based casinos, Twin River Casino Hotel and Tiverton Casino Hotel. However, in August 2019, the Twin River launched its mobile betting app in the state.

In July, Rhode Island Governor Gina Raimondo subsequently signed into law a provision that would enable sports bettors to complete their online account registration without having to visit in person to the state’s casinos. This, along with people opting to stay at home due to the pandemic, is likely behind the huge increase in mobile betting in the state.

It is likely that the trend towards online sports betting is likely to follow that of other states, eventually taking the market’s share of sports betting revenue and handle in Rhode Island away from land-based properties.

.

Latest posts