Rhode Island has had an impressive month in sports betting, with November 2024 setting a new revenue record for the state. The Ocean State saw a 43.2% increase in betting revenue compared to its previous best result, bringing in $6.3 million, up from $4.4 million in October 2022.
Rhode Island has been a pioneer in sports gambling, launching its first legal bets at the Twin River Casino in November 2018 and introducing mobile sports betting the following year. In November, sports fans wagered $35.1 million, with players winning back $28.8 million. Both mobile and land-based betting held a similar share of the market, with $15.7 million wagered online.
Land-based sports betting at Twin River Lincoln and Tiverton Casinos saw revenue of $3.7 million from physical operations, while mobile solutions generated $2.6 million. A total of $19.4 million was wagered at brick-and-mortar locations in Rhode Island.
For the current fiscal year, total betting handle for Rhode Island stood at $131 million, generating $14.8 million in revenue with a 51% sports betting tax. Despite being a small player in the sports betting market, Rhode Island has managed to succeed in a competitive environment.
However, the state is facing pressure from neighboring states and a small population. The Rhode Island Office of the Auditor General noted that sports gambling contributions to the General Fund have decreased by $8.2 million for the year ended on June 30, 2024. Rhode Island’s success in sports betting will be worth monitoring as it navigates a challenging environment.
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