The latest report from the Rhode Island Lottery shows that the state’s sports betting industry had a challenging month in November. Despite a slight increase in bets, the industry saw both year-on-year and month-on-month decreases in revenue.
In total, the sportsbooks in Rhode Island earned $3.31 million in November. This represents a 21% decrease compared to the same period last year and a 25% decrease from the previous month. The total handle for the state’s three sportsbooks was $48.3 million, a 5% increase from October 2023 but a 21% decrease compared to November 2022.
However, the online sportsbook operated by Caesars was a bright spot in the industry. It alone was responsible for $38.64 million of the total sports betting handle in the state and finished the month with a revenue of $2,576,027.
The two retail sportsbooks operated by Bally’s reported revenue of $488,920 and $348,253, with a total of $9.64 million in bets accepted. Despite the lower revenue compared to the online sportsbook, the retail locations still saw a significant amount of betting activity.
Since the beginning of the fiscal year in July, the state’s sportsbooks have reported revenue of $14.69 million, a significant decrease from the previous fiscal year. Additionally, the casino gaming industry also faced challenges, with revenue from VLTs decreasing by 1.5% year-on-year to $40.7 million and table game revenue decreasing by 5.5% year-on-year to $10.8 million.
The overall trend of decreased revenue was reflected in the Rhode Island Lottery’s sales, which dropped by almost 15% month-on-month to $23.5 million in November.
It seems that both the sports betting and casino gaming industries in Rhode Island have experienced a challenging month, with decreases in revenue compared to previous months and years. The online sportsbook operated by Caesars was a standout performer, driving a significant portion of the state’s sports betting handle.