PROVIDENCE – The house is winning when it comes to legal sports betting in Rhode Island.
Since legalization in 2018, the hold rate for sportsbooks in Rhode Island, or the percentage of revenue the sportsbooks keep after bets were made, is 8.6%, according to a report by Legal Sports Report, which tracks state-by-state gaming data.
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Since 2018, $1.2 billion has been wagered through Rhode Island’s two casinos – Bally’s Twin River Lincoln Casino Resort and Bally’s Tiverton Casino Hotel – and Caesar’s Sportsbook mobile app, according to the report.
The sportsbooks have generated nearly $105 million in revenue from sports betting in the Ocean State since 2018. According to the state’s contract with sportsbook operator International Game Technology PLC, the state receives 51% of the revenue, IGT receives 32% and Bally’s Corp. receives 17%. In dollar amounts, that translates to $53.5 million paid to the state, $33.6 million paid to IGT and $17.8 million paid to Bally’s since 2018.
Nationally across the 26 states, and Washington, D.C., that allow sports wagering, $150.8 billion in bets have been made since 2018, generating $10.9 billion in revenue for the sportsbooks, with a 7.2% hold rate and $1.7 billion paid in state taxes/jurisdiction revenue.
Delaware, which was the first state to legalize sports betting outside of Nevada in June 2018, had the highest hold rate at 14.7%, with the sportsbooks generating $74 million in revenue from the $501.6 million wagered. Of the $74 million revenue, $48.5 million was paid to the state.
Montana, where retail and on-site mobile sports betting launched in March 2020, had the second-highest hold rate at 13.5%, with the sportsbooks generating $12.6 million in revenue from the $93.6 million wagered. The Montana Lottery does not break down the profit split between itself and sports betting supplier Intralot, according to the report.
Washington, D.C., had the third-highest hold rate at 12.5%, followed by Maryland at 11.9% and Mississippi at 11.2%.
Nevada, which has allowed sports betting since 1949, had a hold rate of 5.62%, with sportsbooks generating $1.4 billion in revenue from the $25.6 billion wagered since 2018. Of the $1.4 billion revenue, the state has received $97.3 million.
The full report can be found here.
