Rhode Island Sports Betting Revenue Handle Continues Downward Trend

After over four years of legalized sports betting, Rhode Island is starting to see a downward trend in the amount of wagers placed. The Rhode Island Lottery Commission (RILC) recently shared its numbers for November. The state saw a handle of $48.3 million for the month, up from the $45.8 million handle from October. However, the numbers were down significantly from November 2022, when they saw a handle of $61.2 million.

The Ocean State’s November sports betting numbers continue a downward trend that has emerged in 2023. The industry started the year strong in January and February, but each month since has seen the handle come in well below the 2022 totals. 

This drop is concerning because it occurred four years into legal sports betting in the state. It is normal for a state’s handle to drop after the first year of sports betting, but it is more complicated to explain for a market that has been live for as long as Rhode Island. 

While we don’t know the exact reason for the decline, one may be the market’s small size. Rohde Island has just one online sportsbook available (Sportsbook Rhode Island), run through the Rhode Island Lottery through a partnership with IGT and William Hill. That means promotions are limited, and bettors cannot switch sportsbooks to claim different welcome bonuses. 

Rhode Island Posts $413.6 Million Handle in 2023

The Ocean State closed 2023 with a strong December, helping them finish the year with a handle of over $413.6 million. While the strong finish helped, the final numbers are still well below what the state saw in 2022, when the state saw over $532 million in wagers.

Online sports betting continues to account for most wagers made in the states. The state has just two retail sportsbooks at the Twin River and Tiverton Casinos.