Rhode Island has posted its best month to date, generating the highest sports betting revenue on record and surpassing expectations. In November 2024, the state saw a significant 43.2% increase in betting revenue compared to its previous best result.
Record-Breaking Revenue
- November 2024 Revenue: $6.3 million, up from $4.4 million in October 2022.
- Total Wagered: $35.1 million, with players winning back $28.8 million.
- Market Share: Mobile and land-based betting held similar shares, with $15.7 million wagered online and through mobile devices.
Land-Based and Mobile Betting
- Twin River Lincoln and Tiverton Casinos: Generated $3.7 million in revenue from brick-and-mortar operations.
- Mobile Betting: Contributed $2.6 million in revenue, with a total of $19.4 million wagered at physical properties.
Financial Year-to-Date Performance
- Total Betting Handle: $131 million.
- Revenue: $14.8 million.
- Fiscal Year: Runs from July 1, 2024, through June 30, 2025.
- Sports Betting Tax: Rhode Island has one of the highest sports betting taxes at 51% on sportsbook profits.
Challenges and Pressures
Despite its early lead in sports wagering, Rhode Island faces challenges from neighboring states and its relatively small population. While sports betting has thrived, the Rhode Island Office of the Auditor General has noted a decrease in contributions to the state’s General Fund for the year ending June 30, 2024, which shrank by $8.2 million, or 1.8%.
Overall, Rhode Island’s sports betting industry continues to show strong performance, setting new records and maintaining a significant presence in the market despite external pressures.
