Rhode Island betting revenue down 45.6% in March

The Rhode Island Lottery has reported a 45.6% year-on-year decline in sports betting revenue for March, following the suspension of sporting action and closure of the state’s casinos during the month.

Revenue declined to $841,767, which in turn represented a 63.8% drop from the $2.3m reported for February. Amounts wagered across casinos and via mobile fell 62.1% year-over-year to $8.9m.

This followed all major US sports, including the National Collegiate Athletics Association Men’s Division I Basketball Tournament, known as March Madness, being postponed or cancelled from March 11 as a result of the novel coronavirus (Covid-19) pandemic.

Rhode Island’s Twin River casinos in Lincoln and Tiverton also closed their doors from March 14.

Despite the land-based venues closing and amounts wagered in each falling sharply, Twin River Lincoln still accounted for the bulk of monthly handle. In total, $4.5m was wagered at the property, or 49.8% of total stakes placed in the state for March.

This, however, represented a 76.9% drop from the prior year. Revenue from the property was down 61.3% to $441,355.

Read the full story on iGB North America.