Rhode Island’s Betting Industry Posts Suboptimal November Results

The Rhode Island Lottery published information about the performance of the state’s sports betting industry in November. As it turns out, November wasn’t sportsbooks’ best month despite a slight month-on-month increase in bets.

According to the report, Rhode Island’s sportsbooks earned a total of $3.31 million in November. Unfortunately, this figure represents both year-on-year and month-on-month decreases that failed to be offset by the slight increase in handle.

For reference, the total handle recorded by the state’s three sportsbooks for the period was $48.3 million. This figure represents a 21% decrease year-on-year and a 5% increase compared to October 2023. However, the November revenue is still 25% lower than the revenue recorded in October, as well as almost 30% lower than the revenue recorded in November 2022.

Online Revenue Remained Much Higher

Rhode Island has two retail sportsbooks operated by Bally’s and a single online sportsbook operated by Caesars. In November, Bally’s Twin River Lincoln sportsbook, for example, recorded revenue of $488,920. The company’s Tiverton sportsbook, on the other hand, reported revenue of $348,253. The two locations accepted a total of $9.64 million in bets.

The retail sportsbooks were outclassed by the performance of Caesars’ online sportsbook. Reflecting the overall trends in America, the online book dominated Rhode Island and was singlehandedly responsible for $38.64 million of the total sports betting handle in the state. As a result, Caesars’ online sportsbook finished the month with a revenue of $2,576,027.

Since the beginning of the fiscal year in July, Rhode Island’s sportsbooks have reported revenue of $14.69 million. This year-to-date result represents a dramatic decrease from the previous fiscal year.

However, the state’s sports betting industry was not the only one falling behind as casino gaming also performed suboptimally. Revenue from VLTs, for example, decreased by 1.5% YOY to $40.7 million, while table game revenue decreased by 5.5% YOY to $10.8 million.

The Rhode Island Lottery reflected the overall trend as sales dropped by almost 15% month-on-month to $23.5 million in November.