Rhode Island’s Online Casinos Off to a Promising Start

Rhode Island's recent foray into online casinos has been met with anticipation, and the early revenue figures suggest a promising start. Bally’s Corp., headquartered in Providence, led the launch of Rhode Island's online casinos, marking the state's entry into the iGaming arena. As the seventh state in the U.S. to offer online casinos, Rhode Island joins a growing number of states embracing this digital gambling trend.

 

Key Takes:

• Slots: Total wagers amounted to $15,471,572, with payouts of $14,499,666, resulting in a net gaming revenue of $971,906.
• Table games: Total wagers reached $15,636,724, with payouts of $15,398,083, leading to a net gaming revenue of $238,641.
• Overall: Total wagers summed up to $31,108,296, with total payouts of $29,897,749, resulting in a net gaming revenue of $1,210,547.

Despite being the smallest online casino market in the nation last month, Rhode Island's iGaming industry shows considerable potential for growth. Comparing Rhode Island's revenue figures to other states with legal online casinos such as Pennsylvania, Michigan, New Jersey, Connecticut, West Virginia, and Delaware, it's clear that Rhode Island is just getting started:

• Pennsylvania: $233.1 million
• Michigan: $215.2 million
• New Jersey: $197.1 million
• Connecticut: $44.3 million
• West Virginia: $20.7 million
• Delaware: $4.6 million
• Rhode Island: $1.2 million

 

Online slots have emerged as the primary revenue driver for Rhode Island's iGaming market, a trend that mirrors the broader landscape of online gambling across the nation. Bally’s online casino in Rhode Island offers a variety of games, with slots and table games being the main attractions. The dominance of online slots is evident in the revenue breakdown provided by the Rhode Island Lottery's March 2024 iGaming report. Slots accounted for over 75% of the state’s iGaming revenue, with table games making up the remainder.

Despite being the smallest online casino market in the nation last month, Rhode Island's iGaming industry shows significant potential for growth. When compared to other states with legal online casinos, Rhode Island's revenue figures may seem modest. However, it's important to consider that Rhode Island's online casino market is still in its infancy. Additionally, the month of March had fewer gaming days compared to other markets, impacting the revenue figures. As the market matures and awareness increases, revenue is expected to rise steadily.

Looking ahead, Rhode Island's online casino market is expected to grow in the coming months. With a growing number of players and increased accessibility, the state's iGaming industry is poised for expansion. If Rhode Island follows the national average, it could potentially generate substantial monthly revenue. Drawing a comparison to Delaware, a state with a similar population, reveals similar revenue patterns. Delaware's online casino revenue per person stands at around $4.60, indicating potential growth for Rhode Island's online casinos.

On the retail side, Rhode Island's Twin River and Tiverton casinos have been experiencing record-high revenue numbers. In March, the two retail casinos collectively generated $48.7 million in gross revenue, marking the highest revenue total so far in the fiscal year 2024. This growth in retail casino revenue is a positive sign for the overall gambling industry in Rhode Island, indicating a strong demand for gaming entertainment in the state.

However, while casino revenue flourished, sports betting revenue faced challenges. Retail sportsbooks at Twin River and Tiverton managed to surpass $500,000 for the month, while online casinos approached $2.5 million. Combined, retail and online sportsbooks generated $3.1 million in March, surpassing February's figures but trailing behind revenue totals from previous months dating back to September 2023.

 

“Coupled with the popularity of gaming and the increasing adoption of mobile devices, Rhode Island's iGaming industry is expected to experience significant expansion and revenue growth in the coming months.”

 

The Future

In conclusion, Rhode Island's entry into the online casino market has shown promising initial results, laying a solid foundation for future growth. The strong revenue figures from both online and retail casinos indicate a burgeoning interest in iGaming within the state. This early success suggests that Rhode Island is well-positioned to capitalize on the growing demand for online gambling entertainment.

As the market continues to evolve and mature, Rhode Island's iGaming industry is expected to experience significant expansion and revenue growth in the coming months. The convenience and accessibility of online casinos, coupled with the popularity of gaming, are likely to drive continued interest and participation.