RI sports betting revenue reaches $18.7m in FY2020
Rhode Island’s legal sports betting market generated $18.7m (£14.4m/€15.9m) in revenue during the state’s 2019-20 financial year, despite the final four months of the period being impacted by the novel coronavirus (Covid-19) pandemic.
Total revenue for the 12 months to June 30, 2020, was up 171.0% year-on-year, though the $6.9m recorded for the 2018-19 fiscal year only covered an eight-month period, with legal betting launching in November 2018.
Consumers wagered $200.2m on sports in FY2020, up 56.9% on last year, while player winnings also jumped from $120.7m to $181.5m.
Mobile betting revenue amounted to $3.8m, and as legal mobile wagering only launched in September 2019, there are no year-on-year comparable figures. Players wagered some $49.8m via mobile in FY2020.
Twin River’s Lincoln and Tiverton brick-and-mortar casinos are the only two retail locations approved to operate in Rhode Island, with the Lincoln site ending the year some way ahead of its sister casino.