Rhode Island’s Sports Betting Revenue Dropped in October

Rhode Island’s Sports Betting Revenue Dropped in October

While states like New Jersey are breaking new records with their sports betting revenues, Rhode Island’s revenue dropped slightly in the month of October. Despite the little disappointment, the industry is growing at a quick pace and bringing millions for the state.

Small hiccups in revenue

The month of September brought new all-time highs for Rhode Island. Some experts predicted that the trends would continue moving upwards in the months to come. However, they diverted slightly to record a fall. In October, operators handled over $28.3 million in sports wagers, which is higher than the previous month’s record, i.e. $23.6 million. Operators earned $2.5 million from these bets. However, after the player playouts, the revenue decreased by 2.3% in the previous month.

Rhode Island’s Sports Betting Revenue Dropped in October

Interestingly, online sports betting revenue in the state increased by a whopping 78%. The online betting industry is only a month old. Despite this issue, the state’s coffers are being filled by the regulated gambling industry.

Good results for a small state

Rhode Island’s population is just over one million, and the state is typically not considered a hub for gambling activities. However, the state is welcoming casinos and sports gambling operations in the city because of which the gambling industry has exploded. It was benefitted because of the May 2018 strike down of PASPA, which allowed the state to create its own wagering regulations. The lawmakers quickly legalized it in the state, starting with in-person betting in brick-and-mortar casinos. However, the state now allows users to bet online and via mobile phones.

Officials are happy with the results because the state is emerging on the US gambling map. To date, 19 states in the US have legalized sports betting in their jurisdictions. More states are expected to come up with regulations in 2020. This would help in creating a thriving market in the country, increasing competition and state revenues alike. However, the US still lacks a federal directive on gambling.

The states with legal gambling operations could expect big revenue figures as the professional sports season begins soon, starting with the Super Bowl.

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