Rhode Island online gambling revenue rises

Rhode Island online gambling revenue rises

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Rhode Island online gambling revenue rises

In the second month of operations, Rhode Island’s online gambling revenue increased by 72%, with Bally’s generating over $2 million in adjusted gross revenue.

Bally’s is the only provider of iGaming revenue in the Ocean State since it is the only operator of legal online gambling in the state. According to the Rhode Island Lottery‘s most recent statistics, wagers totaling $48 million were placed during April, the first full month that the online slots and live dealer table games were available. $2.1 million in net gaming revenue came from that handle.

At $1.3 million, online slots brought in about two thirds of the total income, with online table games bringing in about $740,000. The revenue for the category increased by more than 210% from month to month, despite the fact that live dealer games still produce less money than other game types. Bally’s total revenue for March was $1.2 million on a $31.1 million handle; however, the Providence-based business didn’t go live until March 5.

It took eight months for Bally’s to be up on the internet, despite Gov. Daniel McKee passing the legislation last June. In cooperation with companies like IGT and Stakelogic, the operator has a 20-year no-bid exclusive arrangement to provide online gaming in the state through its Twin Rivers Lincoln Casino Resort and Tiverton Casino & Hotel sites.

It is challenging to compare Rhode Island to other regulated jurisdictions because it is the most recent and second-least populated state to legalize iGaming. In terms of online sports betting in the state, Bally’s earnings increased very marginally from $2.49 million in March and $2.39 million in February to $2.57 million in April. This was true even though the amount wagered on digital sports fell from $37.0 million in March to $31.4 million.

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