- Rhode Island bettors have won 96.28% of all action year-to-date – the highest amongst every legal sports betting state.
- Almost $2.5 million has been contributed to the state in sports wagering taxes since RI’s November 2018 launch.
- Twin River Casino is the clear market leader over Tiverton Casino taking in four times the action, year-to-date.
PROVIDENCE, R.I. – Rhode Island was the last of the legal sports betting states to release their May sports wagering revenue numbers.
In the report released by the Rhode Island Lottery, the Twin River Casino and Tiverton Casino took in almost $19 million in wagers over the course of May.
This makes May the true middle in terms of monthly betting handle, having three months generate more and three states on the opposite end. The same goes for the monthly revenue.
With a 4.76% hold percentage, the two casinos were only able to keep $899,165 of that $19 million, before giving 51% ($458,574) of it to the state.
Rhode Island bettors have been notorious for being great bettors, as they posted a hold percentage of 1.29% in Q1 of 2019. For reference, Nevada’s Q1 was second amongst the seven reporting states, posting a hold percentage of 5.34% followed by West Virginia’s 7.32%.
Sports Betting By The Book
Twin River continues to be the leader of the books, taking in $14.6 million in wagers this month. This was an increase from their April numbers in terms of the handle; however, the book kept $1million less in revenue for the past month.
The same can be said for Tiverton Casino, who increased their handle by $1million like Twin River and also dropped in revenue. Tiverton’s revenue did not decrease at a percentage like Twin River’s though, as the book dropped only $75,000 in revenue.
Combined, the two books have brought in a total of $99,080,429 in the handle and are poised to break the $100 million mark next month for legal sports betting. In terms of tax contributions, assuming an average ($343,000) month is recorded for June, the state will break the $2 million tax milestone year-to-date.
Online betting has yet to hit the state and the lawsuit against the lottery still stands. There is no timeline for how long the suit nor the decision to offer mobile betting will reach its conclusion.
Michael began writing as an NBA content writer and has spent time scouting college basketball for Florida State University under Leonard Hamilton and the University of Alabama under Anthony Grant. A graduate of both schools, he covers topics focused on legal sports betting, betting odds, and casino reviews. Michael likes to golf, play basketball, hike, and kayak when not glued to the TV watching NBA games.