Rhode Island Lottery reported RI sports betting handle of $23.7 million for the month of June 2023, the lowest for the 2023 fiscal year. With the reporting of June, fiscal year 2023 has also come to a close in Rhode Island.
What do the Rhode Island handle figures tell us?
Handle for FY23 was $509.5 million, down from $517.2 million, or 1.5% from FY22.
FY23’s handle figures show significant channel shift from retail to mobile. Many states report upwards of 90% mobile wagering, but Rhode Island remains more retail heavy than most others. In FY22, only 56% of handle was taken online while this has shifted to 68% in FY23.
The retail venue that saw the shift was Twin River Casino, with 31.9% of total Rhode Island wagers placed at the location in FY22, down to 22.6% in FY23. Tiverton Casino remained fairly constant, actually increasing handle share from 12.0% to 12.2%.
Did revenue follow suit?
Total revenue for the year soared to $50.9 million, up from FY22’s $39.7 million. The change can largely be shown by the difference in hold achieved by the two retail entities and online (mobile) in the state.
FY22 hold was as follows:
- Twin River: 7.1%
- Tiverton Casino: 9.7%
- Online (Mobile): 7.6%
FY23 hold was better for all three:
- Twin River: 9.9%
- Tiverton Casino: 10.9%
- Online (Mobile): 9.9%
How did June 2023 compare?
As aforementioned, handle of $23.7 million was the lowest for the entirety of FY23. Twin River recorded hold of 8.3%, bringing in $0.3 million revenue from $3.6 million handle. Tiverton recorded 0% margin, recording negative revenue from $2.9 million handle. Online exhibited relative strength, with 8.6% hold on $17.3 million handle, showing $1.5 million revenue.