Rhode Island sports betting slips to loss in February Media Man Int

Rhode Island sports betting slips to loss in February - 2nd April 2019

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Rhode Island has posted a loss of $890,623 (£682,455/€795,218) on legal sports betting for February, with an increase in handle offset by higher player winnings.

Consumers wagered $20.7m (£15.8m/€18.5m) on sports during the month - an increase on January's $19.1m handle - but enjoyed a higher win rate, taking home $21.6m in winnings.

As a result the state posted a loss for February, the first time it has posted a negative result since legal sports betting launched in November last year.

The Twin River casinos in Lincoln and Tiverton are the only facilities licensed to accept legal sports wagers in the state, with betting limited to land-based only in the first four months of full market regulation under laws passed last June.

Twin River’s Lincoln casino took $16.6m in wagers during February. However, a win rate of $17.6m saw the venue make a loss of $908,264 for the month.

In contrast, the Tiverton property only took $4.03m in sports wagers during the course of the month, but as customers only won $4.02m, the property was able to post revenue of $17,641.

For the period from November 26, 2018, to February 28, 2019, revenue at the two Twin Rivers facilities amounted to $300,265.

The Twin River Casino in Lincoln has taken a total of $44.1m in sports bets and paid out $43.8m to customers in the process, leaving it with revenue of $283,747 at the end of February.

In contrast, the Tiverton Casino has only accepted a total of $9.4m in sports bets, paying out $9.4m in winnings, leaving revenue of $16,518.

However, the Lincoln site had the advantage of launching a week earlier than its sister property. The Lincoln casino went live on November 26, while Tiverton did not launch until December 3.

Both properties could be in line for a boost in bets after Rhode Island Governor Gina Raimondo last week ratified a bill legalising mobile wagering in the state.

Rhode Island has so far been limited to land-based sports betting under laws that came into effect last June, but bill S 37, will allow the Twin River casinos in Lincoln and Tiverton to both launch mobile sports betting.