The sports betting industry in Rhode Island bounced back during the month of June after a disappointing result in May. Rhode Island is still not one of the biggest sports betting markets in the US, but it is one that appears to be heading in the right direction.
In June the sports betting handle came in at $29.46 million, which was an increase from the $28.25 million that was reported in May. This is still well shy of the monthly record in Rhode Island, but could lead to bigger things in the future.
This was also the final month in the Fiscal Year for Rhode Island, and the yearly numbers showed significant signs of growth for this industry. According to the Rhode Island Lottery, the state saw right around $353 million wagered last year, which was a jump of more than 75% from 2019-20.
The sports betting revenue for Rhode Island in June was $3.66 million, and that was an increase of 32.2%. Revenue from this fiscal year was more than 90 percent higher than it was in FY 2019-20.
Ready For Football
This is typically a slow time for sports betting throughout the United States, and the state of Rhode Island is no different. Rhode Island sports betting numbers will likely level off in July and August before a major jump could be coming in September.
In January 2020, Rhode Island posted a total sports betting handle of $39.8 million to set the monthly record for the state. Both the NFL and college football carried the sports betting industry in January, and that same thing will occur again in September.
Other Industries Have Mixed Results
The video lottery terminals in Rhode Island are another popular gambling option in the state, but that industry actually saw a slight decrease month-to-month. The income last month from these machines was $36.7 million after it was over $40 million the previous month.
Table game revenue in the month of June saw an increase of more than four percent, but the total was still just $9.42 million. Table game revenue actually decreased this fiscal year from 2019-20, but the pandemic played a role in that drop.
Rhode Island is never going to be a major gaming industry, but the state does rely on the revenue and tax money from all of its gaming options.
Here Comes the Competition
Rhode Island and New Hampshire currently have complete control over sports betting in New England, but that will be changing soon. Even though Rhode Island is a state that is experiencing sports betting growth, that could change soon.
Both Connecticut and Massachusetts will likely have sports betting soon, although Connecticut is the only certainty at this point. That state already has a law in place to legalize sports betting, and the industry could launch by the end of 2021.
Massachusetts still has some work to do before sports betting becomes a reality, but it could become a major market in New England if and when the industry is able to launch.