Majority of the states that offer sports betting are seeing negative year-on-year numbers when it comes to both handle and revenue. It is, after all, still somewhat difficult to return to 100% given that the pandemic is far from over. Instead, we are seeing a huge shift in betting channels. With retail casinos and sportsbooks shut down, or open but with limited capacity, online betting is now becoming the top option for many. And with sports resuming, the betting market is now finally doing better. Take the Rhode Island sports betting handle, for instance.
Rhode Island’s July handle is 231.5% higher than June’s $2.032 million, at $6.738 million. This shows us a healthy betting market that is working towards a recovery. In fact, the numbers for August may even be better, since sports events are more frequent, casinos are reopening, and regulations are better.
Rhode Island Sports Betting
Initially, those who want to use betting software in Rhode Island will need to register in person at accredited casinos and retail sportsbooks. But due to the coronavirus, the state has lifted this requirement. This means that anyone who wants to play online, can do so without any hindrances set by the regulators.
And looking at the numbers, we can definitely say that online betting is proving to be a great way for people to wager. For July, Rhode Island’s online wagering handle is at $4.402 million, more than double of June’s $2.100 million. This accounts for 65.4% of the wagers for July.
Meanwhile, revenue is also up with a generous 246.8% increase. June’s revenue is $101,328, but July has $351,425. This is still lower than July 2019’s $827,579. But with the in-person registration requirement finally over, more people will be free to place wagers online. And this could translate to a higher profit in the months to come. Its become such a great market, that many people are opening an online sportsbook to earn from a fast-growing industry.