PROVIDENCE – Bettors lost $6.9 million in Rhode Island on sports betting in fiscal 2019, according to the R.I. Lottery this week. That number represents the difference between what was wagered in the state’s two casinos on sporting events and what was paid out to winners, with the state coming out ahead.
Sports betting in Rhode Island began in late November, eliminating the better part of five months of the betting year. Bettors in Rhode Island wagered a combined $127.6 million on sports for the fiscal year and won back $120.7 million.
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The state gets 51% of sports betting revenue (in fiscal 2019 that figure was $6.9 million), after the subtraction of commissions and expenses from the sports betting operation (these figures for the year were not available at this time). The remainder is split between International Game Technology PLC, William Hill U.S. and Twin River Worldwide Holdings Inc.
The final month of the fiscal year, June, Rhode Island saw $14.7 million in sports bets, with a payout of $12.6 million, leaving a net of $2.1 million, the most lucrative month for the state and its partners in sports betting reported to date.
The heaviest volume of sports betting for the fiscal year was in March, when bettors placed wagers worth a combined $23.6 million and won back a collective $22 million.
A significant majority of sports betting has been done at the Twin River Hotel and Casino in Lincoln at roughly 81% of total sports betting placed there, while the remainder were placed at the Tiverton Casino Hotel.
Chris Bergenheim is the PBN web editor. He can be reached at Bergenheim@PBN.com.
