177% up to 5BTC + 77 Free Spins!
New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins
The amount of money gambled on sports in Rhode Island fell in April, hitting its lowest level in eight months. However, despite the drop in handle, the state was still able to declare a gain in revenue year over year.
The total handle for the month was $37.5 million, which represents a 6.7% decline from the $40.2 million gambled in April 2022 and a 9.6% decline from the $41.5 million wagered in March of this year.
Out of the total handle, $27.5 million was placed online, leaving $10.0 million to bet at brick-and-mortar sportsbooks. Retail bets totaled $5.8 million at Twin River Casino’s sportsbook and $4.2 million at Tiverton Casino.
Despite the drop in handle, the month’s income of $3 million was a 25.0% increase over the $2.4 million earned in April of the prior year. However, compared to March, when sales reached a greater total of $4.0 million, revenue in April 2023 fell by 25.0%.
Online betting contributed $2.2 million of the $3 million in income, while land-based sportsbooks made $768,963 of it. The land-based income total included $611,122 from Twin River and $157,841 from Tiverton Casino, respectively.
In April, sports bettors in Rhode Island made a total of $34.5 million in winnings, including $25.3 million from online sportsbooks and $9.2 million from brick-and-mortar sportsbooks.
According to year-to-date statistics, wagers made by players from January through April 2023 totaled $455.0 million, while the state earned $45.2 million.
The current trends in the sports betting market in Rhode Island show how dynamic the sector is. Despite April’s lower handle, the state’s ability to collect more income than it did during the same time last year is a sign of development and potential. To create a robust and long-lasting sports betting ecosystem in Rhode Island, stakeholders will regularly evaluate player preferences as the market develops and revise their plans as necessary.