Although it is below expectations, sports betting still brought in $10 million for Rhode Island.

  • The betting handle, revenue total, and tax contributions all increased from July to August.
  • Twin River Casino has now collected over $100 million in wagers since the start of the year.
  • The state of Rhode Island has seen over $1 million in sports betting tax contributions from Tiverton Casino alone.

PROVIDENCE, R.I. – Another month of legal sports betting is in the books. With the newest report released by the Rhode Island Lottery, the August sports betting revenue in the state was made official.

Rhode Island collected just over $10.06 million in a total betting handle during the month of August. This handle was higher than the previous month by nearly $1.75 million but found itself near the bottom of the pack in regards to the previous nine months of operation.

Besides the November 2018 launch – which consisted of an extended weekend – August sports betting in Rhode Island brought forth the second-lowest handle.

However, the sportsbooks’ revenues didn’t follow suit, collecting $851,788 during the month. The mark was sixth-highest recording for a month-long period but came quite close to the monthly revenue average of $941,571.

This was made possible from the sportsbooks posting their fourth-highest hold percentage (excluding the November 2018 launch) – 8.47%.

The three previous months have seen a major shift in the balance of power. As the sports bettors had been consistently getting the best of the books, the recent months have seen the opposite to be true. Posting a hold percentage of 1.29% during the first quarter of the year, RI sportsbooks have boosted this number up to 9.94% (2019 Q2) and 9.14% (the first two months of 2019 Q3).

Twin River Casino continued its dominance of the two Rhode Island sportsbooks. The casino took in 77% of all action ($7.7 million) as well as made up 71% of the total revenue.

With the newest numbers, Twin River has now collected over $100 million on the year in total wagers as well as over $5 million in revenue during the same time span.

As for Tiverton Casino, the gambling establishment will definitely be looking for the NFL to set new records.

The subpar month did allow Tiverton to reach two specific milestones; they have now collected over $25 million in wagers on the year as well as contributed over $1 million in taxes since the state’s launch.

With the NFL betting action set to return, and with the addition of mobile betting in Rhode Island, look for the handle and revenue to increase drastically over September.

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