The Rhode Island Lottery has released its latest monthly revenue report revealing that the state’s licensed sportsbooks reported taking in over $45.8 million in wagers during the month of October.
The latest figures represent a drop of 17.4% year-on-year and an increase of 21.8% over the previous month’s total sports betting handle. Caesars, the state’s only mobile sportsbook, accepted over $36.3 million accounting for 79.29% of all wagers throughout the month. Meanwhile, the state’s two retail sportsbooks took in $9.5 million in wagers. So far in 2023, Rhode Island bettors have wagered over $365.1 million.
Combined revenues for the month totaled $4.5 million giving sportsbooks a win percentage of 9.91%. This brings the year-to-date revenue total to $32.7 million, 85.6% of the total for the same period in 2022. The all-time figure now sits at $163.6 million.
The Rhode Island sports wagering tax rate of 51% saw the state collect a little over $2.3 million in taxes for the month of October. 2023’s total tax haul now sits at $16.6 million. Since Rhode Island sports betting first launched in November 2018, the state has now collected $83.9 million in taxes.
Historical Sports Handle, Revenues & Taxes in Rhode Island
| Period | Total Handle | Mobile Handle | Mobile Handle % | Sportsbook Revenue | Win % | State Taxes |
|---|---|---|---|---|---|---|
| Jan 2023 | $62,317,384 | $37,474,108 | 60.13% | $5,164,799 | 8.29% | $2,634,047 |
| Feb 2023 | $43,065,996 | $28,452,857 | 66.07% | $3,612,113 | 8.39% | $1,842,178 |
| Mar 2023 | $41,546,643 | $30,024,529 | 72.27% | $3,968,567 | 9.55% | $2,023,969 |
| Apr 2023 | $37,496,094 | $27,529,845 | 73.42% | $3,009,679 | 8.03% | $1,534,936 |
| May 2023 | $30,754,497 | $22,381,893 | 72.78% | $3,898,405 | 12.68% | $1,988,187 |
| Jun 2023 | $23,723,659 | $17,272,864 | 72.81% | $1,783,530 | 7.52% | $909,600 |
| Jul 2023 | $20,238,844 | $15,379,475 | 75.99% | $1,896,983 | 9.37% | $967,461 |
| Aug 2023 | $22,472,561 | $17,711,578 | 78.81% | $1,365,807 | 6.08% | $696,562 |
| Sep 2023 | $37,645,368 | $28,692,537 | 76.21% | $3,472,089 | 9.22% | $1,770,765 |
| Oct 2023 | $45,840,376 | $36,351,155 | 79.29% | $4,545,634 | 9.91% | $2,318,273 |
| Totals | $365,101,422 | $261,270,841 | 72.78% | $32,717,606 | 8.90% | $16,685,978 |
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.