- Legal States
Julie Moraine September 1, 2019 3 min read
Rhode Island Prepares to Roll-Out Mobile Betting as Revenue Slumps in July
- The regulated sports betting market in Rhode Island reports a 61.5% month-on-month nosedive for the month of July
- Hopes are the market will be boosted from the launch of mobile betting apps, said to be in testing phase
- While no dates have been set, it is expected that mobile betting will be fully operational by the start of the National Football League
Rhode Island’s regulated sports betting market undergoes a sudden twist as July revenue slumps to $827,579 from $2.1 million in June, which made the market’s highest monthly mark.
Rhode Island’s July Stats
July started Rhode Island’s new 2019-20 fiscal year with a drastic nosedive in sports betting revenue, be it due to administrative reasons or summer vacations. The 2018-19 fiscal year generated a respectable $6.9 million in revenue – mind you, starting from November 26 when legal sports betting launched at the Twin River Lincoln casino. The said property contributed $5.3 million of the total amount, as its counterpart at Tiverton generated a $1.6 million offering.
It seems like generous payouts have played a number on the regulated sports betting revenue reports this July. Out of $14.7 million wagered over the course of the month, bettors have won back a slight bit over 50% of their wagered amounts, an estimated $7.5 million.
Most of July’s bets were wagered at the Twin River Casino in Lincoln, which generated a revenue of $622,041 from $6.6 million bets in total. Customers managed to win back the $6 million, leaving what seems to be roughly a 10% amount out of the entire cash flow to the house.
The second most active and lively establishment in terms of sports betting activity, the Twin River Tiverton, saw customers win $1.5 million out of $1.7 million generated from bets. Total revenue there stood at $205,538.
Mobile Betting Rolls-out for the Start of the NFL
Paul Grimaldi, chief of information and public relations at the Rhode Island Department of Revenue, reported that wagering apps for the respective state entities are in their final phases of development, currently being tested by a third-party testing lab. While there are no dates to be revealed at this point, according to Grimaldi the state would aim to accomplish all necessary procedure in relation to the launch prior to the start of the new season of the National Football League.
“The hope is to have mobile sports wagering begin on or before the National Football League season begins on September 5, 2019; but that date is subject to change based on testing results.”
A wise move, all things considered. Especially bearing in mind that the NFL would make for the greatest rush for both sportsbooks and sports fans in light of the newly implemented legislation over quite a few states this year.
Rhode Island, specifically, saw its legalization of mobile sports betting in March thanks to Governor Gina Raimondo.
With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.
Business September 1, 2019
Business September 1, 2019