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The next 11 months will deliver a clearer picture of the demand for online casino games in Rhode Island and how well Bally’s is doing as the state’s sole licensed operator. July’s win for the casino has begun to set the stage for future analysis.
Bally’s won almost $2.6 million from players through July’s 31 days, starting the first full fiscal year for the gaming vertical in Rhode Island. Because there is so little data on the market, it’s difficult to gauge the nature of that statistic.
Bally’s reports July 2024 win in Rhode Island
According to RI Lot’s July 2024 iGaming revenue report, Bally’s win came from over $67.7 million in bets on the app and website during July. Bally’s thus won a little more than 3.8% of the money risked during the month.
July marked the fourth full month of operation for Bally’s online casino in Rhode Island. The product went live in the state on March 5, 2024.
Bally’s online casino debut in RI marked the expansion of the state-sanctioned near-monopoly that the operator holds. Bally’s also operates the two brick-and-mortar casinos in Rhode Island and the sole licensed online sportsbook.
The Rhode Island Lottery sells game tickets both online and via retailers. Additionally, many online horse racing wagering platforms accept bets from people in Rhode Island.
Otherwise, Bally’s is the dominant brand in the state when it comes to gaming. It’s too early to tell whether that situation is optimal for the state’s interest.
Challenges of analyzing gaming tax revenue in Rhode Island
The big question is whether Rhode Island is making more tax revenue with a single operator than it would if it had opened the market to other operators.
There were upsides to allowing Bally’s to simply expand its offerings in Rhode Island versus opening up a competitive market for online casinos in the state. At the same time, whether it’s a net benefit for the state remains to be seen.
That route represented a quick way to get the state into the US-regulated online casino landscape, which produced its most lucrative month yet in July 2024. Bally’s essentially set the terms for that entrance, though.
Rhode Island saved some costs by not using resources to scrutinize potential licensees. However, it also forfeited licensing fees that could have come with that.
Both of those considerations are one-time costs and expenses. The real telltale sign will be monthly win totals.
Within that context, there aren’t enough data to draw any conclusions about the market yet. Month-over-month comparisons are futile because specific months have their trends, making it a classic apples to oranges situation.
Year-over-year comparisons are much more useful but in this context, that won’t be possible until April 2025 at the earliest. Even then, projecting what the state could bring in from a competitive market would be hard to quantify.
For better or worse, Bally’s dominates the stage for regulated online casino play in Rhode Island. It’s not yet time to ascertain which of those outcomes Bally’s has created.
