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With Massachusetts joining the sports betting ranks, Rhode Island again experienced lower gambling numbers in May.
For the month, customers bet $30.8 million on sports, down 25.1% from May 2022. In addition, sports betting handle was 17.9% less than the $37.5 million in April.
It doesn’t help that the only professional sport currently in season is Major League Baseball (MLB). To further complicate things, Massachusetts sports betting is clicking on all cylinders.
Rhode Island sports betting feeling the heat
According to figures from the Rhode Island Lottery, the $30.75 million in handle translated to almost $4 million in revenue. For Fiscal Year 2023, sportsbooks are nearing $50 million in sports betting revenue and $486 million in betting handle.
Sports betting handle by property in May for FY 2023:
- Twin River: $4.8 million ($593,771 in revenue)
- Tiverton Casino: $3.5 million ($597,447 in revenue)
- Lottery mobile app: $22.3 million ($2.7 million in revenue)
The $30.7 million in handle is the lowest amount since the $27.7 million in August 2022.
Casino numbers are down slightly
Total table game revenue dropped from $12.6 million in April to $11.5 million in May.
- Twin River: $9.7 million table game revenue
- Tiverton Casino: $1.7 million table game revenue
- Total table game revenue May: $11.5 million
- FY 2023 table game: $125.6 million
As for slot machine revenue, Bally’s Twin River and Bally’s Tiverton combined for $44 million in revenue in May, down from the $45.6 million in April.
- Bally’s Twin River Casino: $33.5 million slot revenue
- Bally’s Tiverton Casino: $10.5 million slot revenue
With Massachusetts residents no longer needing to venture into Rhode Island to place sports bets, the industry is in for some hard times.
Massachusetts sports betting launched on March 10 with six online operators.
