October 31, 2022 3 min read

RI Sports Betting Revenue Soars in September Hitting $6.4M

The sports betting handle and revenue in Rhode Island continued to climb up last month, data released by the gambling regulator reveals.

Sports Betting Revenue Soars, Handle Increases Slightly

The gambling regulator in the state, the Rhode Island Lottery, has announced the latest data for the performance of mobile and land-based licensed sports betting operators in September. The revenue reported by sportsbook operators in August surpassed $3 million for the first time since March. Now, in September, the combined revenue reported by the land-based sportsbooks and mobile operations hit $6,361,823, more than double what was reported a month earlier, in August. A year-over-year comparison shows that revenue this September soared considering that in September last year, it halted at $4 million.  What’s more, the $6.4 million result this September marked the second-highest revenue reported in Rhode Island, surpassed only by the $6.7 million result from November 2021.

The increase in revenue was positively impacted by a higher betting handle. Overall, the combined betting handle by sportsbooks in Rhode Island in September hit $41,670,257. This marked a significant increase when compared to the $27.7 million result reported a month earlier, in August. However, the $41.7 million in betting handle reported this September marked a slight increase when compared to the $41.2 million reported during the same period last year.

Mobile Betting Gets Lion’s Cut of Revenue

The gambling regulator in the state unveiled a breakdown of the $6.4 million in betting revenue reported this September. Not unexpectedly, the bigger part of the revenue was reported by mobile sports wagering operations. In total, mobile betting revenue last month hit $3.6 million. When compared to the $1.6 million in mobile betting revenue reported in August, the result from September marked an increase of nearly 124%.

Despite mobile betting reporting most of the revenue last month, the two retail locations, Twin River and Tiverton Casino also saw an increase in revenue. The Twin River venue reported $9.9 million in betting handle last month, which translated to $1,597,193 in revenue. When compared to the $866,413 in revenue reported a month earlier, in August, the result from September marked an increase of 84.3%. Additionally, the result from September slightly surpassed the $1,349,600 in revenue reported in September last year.

Similarly, Tiverton Casino’s sports betting handle increased in September to $4,943,538. This brought $1,117,254 in revenue for September for the gambling venue. This result completely surpassed the $504,225 reported in revenue a month earlier, in August. A year-over-year comparison also showed that Tiverton Casino’s sports betting revenue increased by nearly 89%, considering that in September 2021, it halted at $591,239.

Co-editor

William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.

Leave a Reply

Your email address will not be published.