Rhode Island has posted its best month to date, generating the highest sports betting revenue on record and managing to beat expectations. In November, Rhode Island saw a massive 43.2% increase in betting revenue from its last best result.
Rhode Island Sets Revenue Record in November 2024
The state brought in $6.3 million compared to the $4.4 million it had generated in October 2022. Rhode Island has been among the first states to regulate and launch sports gambling, with the first legal bets accepted at the Twin River casino in November 2018, and mobile sports betting arriving the following year.
In November, sports aficionados wagered $35.1 million, and players won back $28.8 million. Mobile and land-based held a fairly similar share of the market, with players wagering $15.7 million online and through mobile devices.
Land-based sports betting saw the Twin River Lincoln and Tiverton Casinos pull in $3.7 million in revenue from brick-and-mortar operations, with $2.6 million generated from mobile solutions. A total of $19.4 million was wagered at physical properties in the Ocean State.
Sports betting for the financial year to date for Rhode Island stood at $131 million in terms of total betting handle, with revenue at $14.8 million. The current fiscal year runs from July 1, 2024, through June 30, 2025, and the state has one of the highest sports betting taxes on wagering operations set at 51% on sportsbook profits.
Pressure from Neighboring States Takes Toll
Despite its first-mover advantage in the realm of sports wagering, Rhode Island has remained a relative minnow, surrounded by other states and a fairly small population of people. Sports betting has still thrived, and the local model has worked so far.
However, the Rhode Island Office of the Auditor General has acknowledged that the contribution sports gambling is paying into the state’s General Fund for the year ended on June 30, 2024, has shrunk by $8.2 million, or 1.8%.
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