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Rhode Island Casino Revenue Dips In January, Ahead Of Online Casino Launch

Data from Rhode Island showed that casino revenue was down 7.8% in January. A roughly $6M drop in slots revenue led to the overall decline.

Revenue Decline Collage Concept
J.R. Duren Avatar
2 mins read

We are just days away from Rhode Island’s full online casino launch on March 5 (the market soft-launched on March 1 to a limited number of customers), and it couldn’t come at a better time.

The latest data from Rhode Island showed that casino revenue was down 7.8% in January, a trend that’s common this time of year for markets across the country. A roughly $6 million drop in slot revenue contributed to the overall decline in dollars.

While the state’s first online casino is slated for a full launch on March 5, it went live today for a select number of users.

Sports betting and table games growth couldn’t stop slots slump in January

Rhode Island’s two casinos, Bally’s Tiverton and Bally’s Twin River (NYSE: BALY), combined for $56.1 million in revenue in January. The total was the second-lowest since January 2023 and represented a $4.8 million decline compared to December.

Year-on-year, revenue dipped around $2.5 million, or -4.3%.

MonthSlots RevenueTable Games RevenueSports Betting RevenueTotal RevenueMonth-on-Month Change
January 2024$39,355,543$11,707,806$4,999,921$56,063,270-7.81%
December 2023$45,222,536$11,443,710$4,147,010$60,813,25610.60%
November 2023$40,756,225$10,814,267$3,413,200$54,983,692-3.49%
October 2023$42,230,555$10,193,509$4,545,634$56,969,698-1.91%
September 2023$43,152,041$11,455,938$3,472,089$58,080,0681.42%
August 2023$44,650,479$10,775,123$1,365,807$56,791,409-3.22%
July 2023$45,568,550$11,435,673$1,896,983$58,901,2060.08%
June 2023$45,742,904$10,930,813$1,783,530$58,457,247-1.07%
May 2023$44,010,443$11,524,188$3,898,405$59,433,036-1.63%
April 2023$45,614,629$12,623,726$3,009,679$61,248,034-6.98%
March 2023$48,421,748$12,898,126$3,968,567$65,288,44113.95%
February 2023$42,281,090$12,090,078$3,612,113$57,983,281-5.46%
January 2023$43,764,925$9,637,966$5,164,799$58,567,690-3.64%

A more than 10% dip in slots revenue drove the disappointing January numbers. However, there were bright spots.

Sports betting revenue was up more than $850,000 and hit its highest total since January 2023. The state’s two casinos generated $11.7 million in table games revenue, which bested Rhode Island’s December 2023 gaming revenue total by around $260,000 and was the highest total since April 2023.

How will Rhode Island online casinos affect revenue?

Simply put, we should see considerable growth in Rhode Island’s casino revenue when the state’s March revenue report arrives.

New Jersey is a good example of how online casino revenue plays out over time. The state’s nine brick-and-mortar properties generated $205 million in revenue in January. Its online casinos tallied $183.3 million.

Rhode Island’s brick-and-mortar casinos total around $51 million in slots and table-game revenue in January. So, it’s possible we could see online casino revenue approach $40 million or $45 million based on New Jersey’s data.

However, online casino markets aren’t usually an apples-to-apples comparison. For one, the Rhode Island online casino market will have a single online casino operator; New Jersey has more than two dozen. Also, New Jersey’s online casino market is mature; it’s been around since 2013.

Expect to see relatively modest online casino revenue totals in March, and then a steady, upward trajectory toward the end of the year. A conservative forecast for online revenue could be $5 million by the summer, $10 million by the fall, and $15 million by the new year.

J.R. Duren Avatar
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J.R. Duren has covered the gambling beats for more than a dozen states for Catena Media since 2015. His past reporting experience includes two years at the Villages Daily Sun, and he is a first-place winner at the Florida Press Club Excellence in Journalism Contest.

View all posts by J.R. Duren

J.R. Duren has covered the gambling beats for more than a dozen states for Catena Media since 2015. His past reporting experience includes two years at the Villages Daily Sun, and he is a first-place winner at the Florida Press Club Excellence in Journalism Contest.

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