Sports betting revenue in Rhode Island almost bottoms out in July. The NFL season is sure to turn those numbers around.

  • The sports betting handle in Rhode Island has decreased three of the last four months.
  • Twin River Casino is only $11,500 from collecting over $5 million in sports betting revenue on the year.
  • Tiverton Casino will likely break the $1 million state tax contribution mark on next month’s report.

PROVIDENCE, R.I. – The summer months are finally getting closer to their end, and the sportsbooks in Rhode Island couldn’t be happier. With the most recent report released by the Rhode Island Lottery, the details surrounding the state’s July sports betting numbers were released.

Rhode Island took in the third-lowest handle for the month for the states who have had legal sports betting since the beginning of the year. Only Delaware and West Virginia took in less for the month – who also are the only states with a lower handle year-to-date.

The $8.32 million collected at Rhode Island sportsbooks marked another declining month, as three of the past four months in Rhode Island have seen the betting handle decrease.

On the individual level, Twin River Casino took in less than $10 million in wagers ($6.59 million) for the first time since its November 2018 launch. Likewise, Tiverton Casino was held under $3 million for the first time since their December 2018 launch, seeing only $1.73 million enter the books.

The hold percentage, or keep by the sportsbooks in Rhode Island, dropped from June’s record-setting numbers, but still remained higher than previous months.

In fact, July was the third-highest hold percentage, proving that the bettors of the state make their money during the NFL and NBA seasons. Still, July’s hold percentage (9.94%) was equal to the previous three months of action in the state.

At this rate, the books were able to keep $827,579 in revenue before giving away 51% of that ($422,065) to the state in the form of a tax contribution.

These numbers represent the worst performance by the books since February’s negative reporting month. But on a positive note, the most recent addition has helped the state receive over $3 million in tax contributions since the start of the year.

With only one more report before the regular season of the NFL to go, the sportsbooks in Rhode Island should be looking forward to the NFL action that is soon headed their way. With nine months under their belt, expect these books to break record numbers in the next few months.

News tags: | | | | | |