Figures published by the Rhode Island Lottery, responsible for sports wagering in the Ocean State, show that combined revenue from its two regulated sportsbooks dived by more than 54% in May. The drop to $899,165 occurred despite both Tiverton and Twin River Lincoln casinos taking more money on sporting wagers than they managed in April, up from $16.86m to $18.9m.
According to the Rhode Island Lottery report, Twin River led the way in terms of overall bets worth $14.63m and book revenue of $574,703. Tiverton took $4.26m in overall wagers and realized book revenues of $324,462. In total, Twin River Lincoln Casino saw its book profits fall by close to $1m, with Tiverton falling away by circa $75,000.
The fall, while significant, does follow a particularly busy March and April. Twin River achieved overall revenue of $19.3m during March and $13.6m in April, with sportsbook contributing $1.14m and $1.57m respectively. For Tiverton, March and April yielded $4.25m and $3.19m in overall take and sportsbook $408,062 and $399,149.
The summary also indicated that Rhode Island has earned a touch over $4.7m overall in sportsbook revenue since trading began in November last year. Twin River Lincoln contributed $3.57m to that total, while Tiverton’s portion was $1.15m.
A much needed mobile sports betting app is supposedly on course for full launch in time for this year’s football season. It will require in-person registration at Tiverton or Twin River but once completed, bettors will be able to place wagers via mobile as long as they remain within state lines.