Rhode Island’s sports betting market is feeling the squeeze from neighboring states Massachusetts and Connecticut, as they continue to expand their own sports betting operations. Massachusetts recently approved legislation to allow for mobile sports betting, while Connecticut launched sports betting within their tribal casinos.
The impact of this competition is evident in the declining revenue for Rhode Island’s two casinos, Twin River Casino Hotel and Tiverton Casino Hotel. In October, Twin River reported a 57% decrease in sports betting revenue compared to the same period last year. Tiverton also saw a significant drop in revenue, with a 53% decrease year-over-year.
Rhode Island was the first New England state to legalize sports betting in 2018, and it initially saw success with its in-person sports betting locations. However, the expansion of sports betting in nearby states has put pressure on Rhode Island to remain competitive in the market.
Despite the challenges, Rhode Island officials remain optimistic about the future of sports betting in the state. The state lottery, which oversees sports betting operations, is exploring options to enhance the betting experience and attract more customers. They are also considering the possibility of introducing mobile sports betting in the future to keep up with the changing landscape of the industry.
Overall, Rhode Island is facing tough competition from Massachusetts and Connecticut in the sports betting market. However, state officials are determined to adapt and innovate to maintain their position in the industry and continue to provide a valuable revenue stream for the state.
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