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April numbers are in for Rhode Island casinos and sports betting. Unfortunately, things took a step backward.
For the month, Rhode Island sports betting handle was $37.5 million, compared to $40.2 million in 2022. Most of the betting handle ($27.5 million) came from online sportsbooks. The remaining $10 million came from retail sportsbooks at Bally’s Tiverton Casino and Bally’s Twin River Casino.
One could make the case that the recent launch of Massachusetts sports betting was a significant factor in the decline of Rhode Island betting.
Rhode Island sports betting takes a step back
According to figures from the Rhode Island Lottery, the $37.5 million in handle translated to $3 million in revenue. For the fiscal year 2023, sportsbooks have generated over $45 million in revenue and $456 million in betting handle.
April FY 2023 sports betting handle by property are:
- Twin River: $6 million handle ($611,122 in revenue)
- Tiverton Casino: $4.3 million handle ($157,841 in revenue)
- Lottery mobile app: $26 million in handle ($2.2 million in revenue)
Total sports betting handle is also down 9.6% decrease from March 2023 when operators generated $41.5 million.
Rhode Island gambling revenue also takes a hit
The Rhode Island Lottery reported revenue from slots, sports betting, and table games to be $61.2 million for the month. This number is down roughly 6% from March when the industry reported over $65 million in revenue.
Total net table game revenue for Rhode Island casinos stood at $12.6 million, down from the $12.8 million reported in March.
April 2023 slot and table game numbers:
- Twin River: $10.4 million table game revenue
- Tiverton Casino: $2.2 million table game revenue
- Total table game revenue: $12.6 million
- Total slot revenue: $48.4 million
Massachusetts eating into sports betting profits
Massachusetts rolled out online sports betting on March 10, 2023. As a result, customers no longer need to travel to Rhode Island to place bets.
MA sports betting launched with six online operators, including fan favorites like DraftKings and FanDuel.
Most recently, Fanatics became the 8th online sportsbook to begin operating in the state. The company started beta testing its Fanatics Sportsbook app on May 25, with a full app launch coming soon.
