Rhode Island sports betting revenue rockets 372.4% YoY in March
The Rhode Island Lottery reported a 372.4% year-on-year increase in sports betting revenue in March, while the state also saw its handle hike 333.7%.
Revenue for the month amounted to $4.0m, up from $841,767 in the same month last year, with this rise primarily down to the improving situation regarding novel coronavirus (Covid-19) compared to March 2020.
As in all other US states, Rhode Island’s retail sportsbooks were forced to temporarily close half-way through March 2020, meaning players could only bet via mobile. Wagering options were also limited due to sports events being cancelled or postponed as a result of Covid-19.
This year, retail sportsbooks at the Tiverton Casino and Twin River accounted for $2.1m in revenue, up 235.5% from $625,965 in March 2020. Mobile revenue also rocketed 766.9% from $215,802 to $1.9m.
In terms of player spending, overall handle for the state reached $38.6m, up from $8.9m in the same month last year, with consumers winning a total of $34.6m from sports betting.
Focusing on retail figures for the month, Twin River performed the better out of the two casinos, with revenue rising 233.5% year-on-year to $1.5m. The casino’s handle also hiked 184.4% to $12.8m.
Revenue at the Tiverton Casino climbed 243.1% to $633,390, with the facility’s handle up 228.6% to $4.6m for the month.
Turning to mobile, this proved to be the most popular form of betting among players, drawing $21.2m in bets, up 583.9% from $3.1m in March 2020 and more than both retail sportsbooks combined. Revenue from mobile betting rocketed 780.4% year-on-year to $1.9m.
For the year to date, sports betting revenue in the nine months to the end of March was $26.6m, with players having wagered a total of $266.2m during the period.
Source: iGB North America