In August 2022, the revenue from the finance sector was significantly lower compared to the previous year. It recorded a decline of 53.3% from $3.0m. Similarly, compared to July of this year, the revenue was 26.3% lower than $1.9m.
According to the data from the Rhode Island Lottery, mobile betting contributed $1.2m to the overall revenue, while the retail market accounted for $144,099. Twin River’s revenue stood at $234,649; however, a loss of $90,550 from Tiverton Casino had a negative impact on the total retail figure.
Moving on to sports betting, the handle in Rhode Island for the month reached $22.5m. This figure was 18.8% lower than the previous year’s $27.7m but showed an 11.4% increase compared to July of this year. The consumers placed bets worth $17.7m online and $4.8m at retail sportsbooks during this period. Twin River’s retail betting facility received $2.8m in bets, while Tiverton Casino collected $1.9m.
Examining the state’s financial year to date, the revenue amounted to $3.3m, which marked a 44.1% decrease from the same period last year when $5.9m was generated. The sports betting handle also saw a decline, coming in at $42.7m, down 19.4% from the previous year’s $53.0m.
Rhode Island has recently passed a law legalizing igaming. Governor Dan McKee signed Senate Bill 948 on 22 June, allowing Bally’s land-based casino monopoly to expand into the online gaming market. The sole operator in the state is Gamesys, the online arm of Bally’s, which operates various brands such as Virgin Casino, Tropicana Casino, and Rainbow Riches Casino. Online slot revenue is subject to a 50% tax, with the remaining amount divided between Bally’s and IGT. Table games face a lower revenue tax rate of 18%.
