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Rhode Island’s Gaming Revenue for November Shows Decline Both Month-Over-Month and Year-Over-Year

Quick Intro

November proved to be a challenging month for Rhode Island’s gaming industry, encompassing both physical and online sportsbooks. Despite a modest increase in sports betting handle from October, the revenue experienced a decline both month-over-month and year-over-year.

The Rhode Island Lottery reported that the November sports betting revenue amounted to $3.41 million, marking the lowest revenue since the beginning of the fiscal year 2024. This downturn follows August’s revenue generation of $1.36 million.

Declining Revenue in Rhode Island’s Sports Betting Sector

The state’s sports betting venues, including the online operator Caesars and the physical sportsbooks at Bally’s Twin River Lincoln and Bally’s Tiverton, recorded nearly $48.28 million in bets during November. However, their winnings were just over $3.41 million, indicating a significant 24.91% drop from the previous month and a 29.81% decline compared to the same period last year. A breakdown of November’s revenue includes:

  • Twin River: $488,920
  • Tiverton: $348,253
  • Online: $2,576,027

The majority of November’s bets, totaling $38.64 million, were placed online, with the remaining $9.64 million coming from retail locations:

  • Twin River: $6.03 million
  • Tiverton Casino: $3.61 million

Year-over-year, there was a 21.13% decrease in handle from the $61.21 million in 2022, though it was a 5.32% increase from October 2023’s $45.84 million. In the fiscal year 2024, total revenue so far is $14.69 million, which is $8.56 million less than the previous year.

Decrease in Slot and Table Game Revenue

The Rhode Island Lottery’s data for November shows that the net terminal income from VLT machines was down to $40.76 million, a 3.50% decrease from October 2023 and a 1.52% drop from November 2022. Additionally, the net revenue from table games was $10.81 million, representing a 6.09% fall from the previous month and a 5.52% year-over-year decrease.

Downward Trend in Rhode Island Lottery Sales

The monthly report from the Rhode Island Lottery also indicates a downturn in lottery sales for November. Total lottery sales fell to $23.50 million from October’s $27.59 million, marking a 14.81% reduction. Instant tickets were the most popular purchase at $10.07 million, followed by Keno at $7.47 million, and number games at $1.88 million.

Final Thoughts

Rhode Island’s gaming industry faced a challenging November, with both sports betting and lottery revenues experiencing notable declines from previous months and the same period last year. This downturn highlights the fluctuating nature of the gaming market in the state, impacting various segments including sports betting, slots, table games, and lottery sales.

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