RI betting revenue drops 98.6% in April

The suspension of major sporting events and a full month’s closure for Rhode Island’s land-based casinos badly affected the state’s sports betting market, with handle and revenue plummeting in April.

The state's two casinos are set to reopen from 8 June, though each venue's sportsbook will remain closed for the time being.

Amounts wagered fell 96.5% year-on-year to $591,377, with minimal contributions from the Twin River-owned Tiverton and Lincoln casinos – from wagers placed before the shutdown – complemented by a significantly lower mobile handle.

While there are no year-over-year comparisons, as mobile betting did not launch until September 2019, the channel’s $589,260 represents a 80.8% month-over-month drop. Players won back $561,058, leaving revenue of $27,202. This represents an 86.9% decline from March’s mobile revenue of $215,802.

Twin River Casino Lincoln reported $1,718 in stakes, with $2,525 to be paid out as winnings, resulting in a $807 loss for the month. The Tiverton casino, meanwhile, reported $399 in stakes, and customer win of $413, leaving the venue’s sportsbook down $14 for the month.

These losses meant that the state’s total sports betting revenue for the month amounted to $27,381, down 98.6% from April 2019.

Read the full story on iGB North America.