April 29, 2020

Rhode Island betting revenue 45.6% down in March

Rhode Island betting revenue 45.6% down in March

Rhode Island, USA –The Rhode Island Lottery has revealed a 45.6% year-on-year decline in sports betting revenue for March in a report. This decline in revenue was attributed to the suspension of sports events and the closure of the state’s casinos during the month.

Revenue declined to $841,767, which represented a 63.8% drop from the $2.3 million earned during February. Bets placed across casinos and thru mobile went down by 62.1% year-over-year to $8.9 million.

This followed all major US sports, including the postponement of the National Collegiate Athletics Association Men’s Division I Basketball Tournament, known as the March Madness, on March 11 due to the novel coronavirus (Covid-19) pandemic.

Rhode Island’s Twin River casinos in Tiverton and Lincoln were also shut down on March 14.

Despite the closure of land-based venues and amounts wagered falling sharply, Twin River Lincoln still made up majority of the monthly handle. A total of $4.5 million was wagered at the property, or roughly 49.8% of total stakes placed in the state for the month of March.

However, this figure represented a 76.9% decline from the previous year. Revenue from the property went down by 61.3% at $441,355.

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