The February gaming numbers for the state of Rhode Island are in, and they actually look pretty impressive on the surface. While that might be the case, some negative trends have developed both with in-person and online revenue.
This report came from the Rhode Island Lottery and the total revenue for the month of February was $55.2 million, and that includes the two casinos in the state and the online sportsbook. Rhode Island is never going to keep pace with the biggest states, but this is a state with a solid gaming industry.
Some of the key gaming options in the state saw a big drop in revenue, but it was online sports betting that really kept the numbers afloat. Even though there was some marginal growth based on a year-over-year look, things haven’t been going well during this fiscal year.
Deeper Dive Into the Numbers
The Rhode Island Lottery does a great job of breaking down these numbers even further, and it was the online sports betting revenue that really bailed out the state. Online sports betting revenue climbed more than 16% from the 2023 totals, and that bailed out some bad losses from the table games at the casinos.
Revenue from table games decreased by about that same number when looking at the year-over-year totals, but that doesn’t always account for a ton of revenue anyways. The revenue from slots was nearly the same as it was 12 months ago, and that’s the most popular gaming option at the casinos.
The two casino properties in Rhode Island are both Bally’s properties, and Bally’s has the online sports betting license as well. The two casino properties in the state are in Tiverton and Twin River, and they do get plenty of action.
Not only was the sports betting handle revenue up from the 2023 total, but the total sports betting handle was up as well. An extra day in February 2024 could have impacted those numbers a bit, but the entire online sports betting industry has been seeing some growth throughout the country.
Total revenue was down just slightly when looking at the February 2023 total, and that is a trend that has been holding steady throughout the state over the past year.
No New Record Coming
Most states that have legal gambling are expected to set new handle and revenue records during the current fiscal year. That is true in both in-person and online gambling, but that doesn’t seem likely when it comes to Rhode Island.
Through February, there have been eight full months during this fiscal year, and the total revenue numbers are down from where they were a season ago. There is still time for things to turn back around, but recent trends suggest that it’s not going to happen.
Bally’s has launched an online casino in the state, and that could help to make up for some losses throughout the year. That online casino officially went live on March 5, and Bally’s is working hard to promote the new mobile app.
