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On March 5, casino gaming in Rhode Island changed forever.
Led by Providence-based Bally’s Corp., Rhode Island online casinos launched that day, making it the seventh state in the country to offer iGaming. And now, Rhode Island Lottery revenue figures reveal that Bally’s online casino generated $1.2 million in revenue, and the state’s two retail casinos posted the highest revenue numbers they’ve had this fiscal year.
Online slots drive Rhode Island online casino revenue
Bally’s online casino offers two types of gaming in Rhode Island: slots and table games. As is the trend with online casinos across the country, online slots accounted for more than 75% of the state’s iGaming revenue, according to Rhode Island Lottery March 2024 iGaming figures:
| Wagers | Payouts | Net gaming revenue | |
|---|---|---|---|
| Slots | $15,471,572 | $14,499,666 | $971,906 |
| Table games | $15,636,724 | $15,398,083 | $238,641 |
| Total | $31,108,296 | $ 29,897,749 | $1,210,547 |
What can we expect from Rhode Island’s online casino in the future?
March’s revenue numbers made Rhode Island the smallest online casino market in the nation this past month. Online casinos are legal in New Jersey, Pennsylvania, Michigan, Delaware, West Virginia and Connecticut.
| State | March online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $233.1 million | 13 million | $17.93 |
| Michigan | $215.2 million | 10 million | $21.52 |
| New Jersey | $197.1 million | 9.3 million | $21.19 |
| Connecticut | $44.3 million | 3.6 million | $12.31 |
| West Virginia | $20.7 million | 1.8 million | $11.50 |
| Delaware | $4.6 million | 1 million | $4.60 |
| Rhode Island | $1.2 million | 1.1 million | $1.10 |
| Average | $119.2 million | 6.5 million | $18.34 |
While the numbers were relatively low, there are a few things to remember.
First, Rhode Island is a new online casino market and will take time to mature. Second, March’s numbers reflect 27 days of gaming instead of the 31 days other markets had.
With that in mind, we should see online casino revenue increase next month, although it’s hard to say how much it will rise. In March, the average per-capita online casino revenue for states with iGaming was $18.34. Delaware was on the low end of that metric with $4.60 per person, while Michigan had the most revenue per person at $21.52.
If Rhode Island follows the national per-capita average, it could generate as much as $20 million in monthly revenue. However, the US online casino market has huge and small markets so averages can be deceiving.
The Delaware online casino market is likely a good comparison for Rhode Island, as they have roughly the same population.
This past month, Delaware iGaming produced $4.6 million in revenue at around $4.60 per person. If that per-person data holds up for Rhode Island once its online casino market matures, we could see Bally’s post around $5 million.
Retail casinos have the best month in FY 2024
Rhode Island’s two retail casinos, Bally’s Twin River and Bally’s Tiverton, combined for $48.7 million in gross revenue in March. That figure represents the highest revenue total so far in Bally’s 2024 fiscal year, which started in July 2023.
Sports betting struggles
While March was a stellar month for casino revenue, sportsbook revenue stumbled. Retail sportsbooks at Bally’s Twin River and Tiverton snuck past $500,000 for the month, while online casinos approached $2.5 million.
In March, retail and online sportsbooks generated $3.1 million, which beat February 2024 gaming revenue in RI. February is typically a slow gambling month but it lagged behind revenue totals going as far back as September 2023.
