- Rhode Island sportsbooks saw a decline in sports betting revenue in February.
- Tom Brady used to play for the New England Patriots and garnered many fans in Rhode Island during his tenure.
- Fans betting on Tom Brady and the Tampa Bay Buccaneers to win the Super Bowl lead to major losses at local Rhode Island sportsbooks.
PROVIDENCE, R.I. – Sports betting fans in Rhode Island saw major wins during Super Bowl 55 as the bulk of the wagers were placed on the Tom Brady led Tamp Bay Buccaneers to win.
While the Buccaneers were the underdogs, Brady’s history as the New England Patriots starting QB for 20 seasons developed a strong following in the Ocean State.
When the Buccaneers pulled the upset, local Rhode Island sportsbooks suffered major losses, leading to an overall decline in monthly sports betting revenue.
Betting On Brady
Despite the Kansas City Chiefs being the overwhelming favorite to win the Big Game, Super Bowl 55 betting in Rhode Island stayed loyal to their legendary QB, and it paid off for sports bettors as the Buccaneers took the 31-9 victory.
The local sportsbooks, on the other hand, saw losses due to the Brady victory. According to the report released by the Rhode Island Lottery, this led to a 35% decrease in revenue in February for Rhode Island.
“This is an occurrence in sports betting,” said Mark Furcolo Director of the Rhode Island State Lottery Commission. “You will have games that you win on and games that you lose on in the sports book.”
The Twin River Sportsbook ended up paying out $1,126,000 in wins to Rhode Island betting fans on the Super Bowl alone. This affected the entire revenue numbers for the month.
While February is a shorter month, Rhode Island still only saw $1.5 million in sports betting revenue compared to the $3.7 million collected in January. This is off of a $34.11 million betting handle.
Rhode Island also saw year-over-year losses, with February 2020 seeing $2.3 million. Interestingly, no Tom Brady-led team was in the Super Bowl at the time.
When going back to the 2019 Super Bowl where the Tom Brady-led New England Patriots defeated the Los Angeles Rams, Rhode Island sportsbooks also took a massive hit. With almost everyone in the state betting on the Patriots, R.I. sportsbooks lost about $2.35 million dollars on the game. While bettors and fans celebrated the victory, tax collectors did not.
Overall Tom Brady winning has cost the overall Rhode Island budget to see a $500,000 decline this year. Brady’s impact as a winner has become a major factor in the legal sports betting market in Rhode Island.
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Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.