Rhode Island Sports Betting Tax Revenue Booms In August

• The Rhode Island Lottery Commission officially released sports betting numbers for August and it shows a massive increase from July.
• Betting handle in Rhode Island was up 117.9% in August.
• It is also a 64.4% increase from August 2019.

PROVIDENCE, R.I. – The official Rhode Island sports betting revenue numbers have been released by the Rhode Island Lottery Commission and it shows a major increase in August.

The August betting handle saw a 117.9% increase from July which can mainly be attributed to the return of sporting leagues like the NBA.

This is also a huge boom compared to August 2019 sports betting numbers, showing the rapid growth of sports betting in Ocean State.

August Shows Growth

Sports betting in Rhode Island has become a major market. Residents and tourists alike have been aggressively wagering in August. Per the official report by the Rhode Island Lottery Commission, $23,116,965 was wagered on sports in August 2020. This is a 64.4% increase from August 2019.

The overall betting revenue that the Ocean State garnered from sports betting was $1,423,391. Over $5.4 million in betting handle came from Tiverton Casio with $293,647 in revenue, and more than$7.2 million came from the Twin River sportsbook with $639,143 in revenue.

The bulk of the sports betting revenue came from online and mobile betting. A total of $10,436,956 was wagered online which amounted to $490,601 coming in revenue.

Thanks to Rhode Island residents being able to register for mobile betting remotely, the surge in mobile betting is understandable.

With the state recovering from the COVID-19 pandemic, sports bettors are more and more engaging in online and mobile sports betting. The Twin Rivers mobile sports betting app in particular saw a surge in new registrations during the month.

Rhode Island’s boom in betting can be attributed to the return of sporting events like the NBA season and the MLB season. The NBA specifically began its playoffs in August, attracting many NBA sports bettors in Rhode Island.

Legal sports betting has been shown to be a major revenue source as states recover from the coronavirus shutdowns. Rhode Island’s sports betting market is only expected to increase as the NFL betting season is factored into the September numbers.

News tags: Revenue | Rhode Island | Rhode Island Lottery Commission | sports betting