August was a strong month for sportsbooks operating in Rhode Island, judging by figures released by the gambling regulator in the state.
Sports Betting Revenue Hits $3M in August
The Rhode Island Lottery, the gambling regulator in the state, has announced the financial results for August reported by licensed sportsbook operators in the state. Last month, the combined revenue reported by land-based and online sportsbooks in Rhode Island hit $3,000,421. The result from last month has put an end to a summer-long decline in revenue. The last time the combined revenue reported by operators surpassed the $3 million mark was back in March, while during the summer it hovered around the $2 million mark.
The $3 million reported in August marked a slight 4.5% increase when compared to the $2.9 million reported a month earlier, in July. However, the result from August marked a significant increase when compared to the same period last year. Last year in August, the combined revenue reported by operators in Rhode Island was $1.1 million. In other words, when compared to August 2021, this year, the revenue increased by 165.6%.
It comes as no surprise that with the increase in revenue, the betting handle increased as well. Overall, the combined betting handle reported by online and land-based operators last month was $27,744,694. When compared to the $25.2 million reported a month earlier, in July, the result from August shows that the betting handle increased by a solid 10%.
Mobile Betting Leads in Revenue with $1.6M Last Month
A breakdown of the $3 million of combined revenue reveals that mobile sports betting was responsible for $1.6 million, while the revenue for land-based venues halted at $1.4 million. The $1.6 million in revenue reported by mobile betting operators translates to $17.9 million in betting handle. The betting handle slightly increased in August when compared to the $16 million reported in July. However, in July this year, the revenue reported by mobile sports betting operators was marginally higher at $1.7 million.
Out of the two land-based venues, Twin River and Tiverton Casino, the former was the venue with higher revenue reported from sports betting last month. Twin River’s betting handle last month was $6.1 million. This translates to $866,413 in revenue from sports betting reported by the venue for August this year. When compared to the $5.6 million in betting handle reported by Twin River in July, a slight increase is observed. However, the venue’s revenue in July halted at $694.8 million, which means that in August, it increased by nearly 25%.
On the other hand, Tiverton Casino reported $3.8 million in betting handle last month. This resulted in $504,225 in revenue from the activity for August. When compared to the $450,504 in revenue reported a month earlier, in July, an increase of nearly 12% is observed.