News Summary
Rhode Island’s iGaming sector has achieved a record high of $174.9 million in betting for March 2025, highlighting the growing trend towards online gaming. However, this success contrasts sharply with a 24.2% drop in sportsbook revenue compared to the previous year, raising concerns over the future of traditional betting in the state. Experts attribute this shift to increasing competition from nearby states like Connecticut and Massachusetts. In an effort to revitalize the sportsbook market, local legislation now allows betting on collegiate teams during tournaments.
Rhode Island has reported a record-setting month for its iGaming sector, as overall betting figures reached $174.9 million in March 2025, a significant increase that highlights both the popularity of online gaming and the economic challenges facing traditional sportsbook operations in the state.
The state’s total gaming revenue for March nearly reached $60 million. However, this encouraging statistic is juxtaposed against a substantial decline in sportsbook revenue, which saw a drop of nearly 24.2% compared to the previous fiscal year, according to an audit report. The situation indicates a shifting landscape in Rhode Island’s gaming environment, with increased competition from neighboring states contributing to the downturn.
In the previous fiscal year ending June 30, 2024, the Rhode Island Lottery transferred $426.4 million to the General Fund, a decrease of $8.2 million or 1.8% from fiscal 2023. Sports betting, once seen as a robust revenue source, generated a total of $458.8 million in revenue for the fiscal year 2024, a decline from $509.5 million in fiscal 2023. Out of this revenue, $19.2 million was allocated to the state’s general fund.
Experts point to increased competition from nearby states as a driving factor behind Rhode Island’s declining sportsbook revenue. Connecticut, which legalized sports betting in 2021, reported its sports betting revenue reaching $177.2 million in the last fiscal year. Meanwhile, Massachusetts, which launched its sports betting market in March 2023, generated $506.7 million in revenue by the end of June 2024.
In response to the shifting market, state leaders passed legislation in 2023 to allow wagering on Rhode Island’s collegiate teams during tournaments, an effort aimed at revitalizing the local sportsbook activity.
While traditional sportsbook revenues have dwindled, online gaming has seen an opposite trend. Draw games, including popular options like Keno, Powerball, and Mega Millions, experienced a 1.4% increase in revenue, influenced by larger jackpot prizes. However, table games saw a 4.1% decrease in revenue, and video lottery sales dropped by 1.8%, reflecting the overall struggle in the gaming sector.
Bally’s Corp., which operates a casino in Lincoln, reported a loss of approximately $500,000 per month due to decreased traffic, an issue attributed mainly to the ongoing closure of the westbound Washington Bridge. Despite these setbacks, the total wagers in Rhode Island increased from $97.2 million in December 2024 to $103.5 million in January, although month-over-month online casino revenue fell from $3.6 million to $3.1 million.
iGaming has proven to be a profitable venture for the state, generating a net profit of $3.6 million to Rhode Island’s general fund by the end of the fiscal year. Since its launch in March, iGaming has produced $5.6 million in net revenue, demonstrating a growing preference for online gaming over traditional sportsbook options.
As the landscape evolves, experts warn that the maturation of iGaming may have further consequences for the state’s physical casinos, as players increasingly turn to digital platforms for their gambling activities. Additionally, ongoing economic factors, including the performance fluctuations of local sports teams, may also contribute to the further decline of sportsbook revenues in Rhode Island.
Deeper Dive: News & Info About This Topic
- Gaming Intelligence: Rhode Island Sports and iGaming Bets Near $175 Million in March
- Wikipedia: Rhode Island
- CDC Gaming Reports: Rhode Island Casino Revenue Up 5.8% Year on Year in January
- Google Search: Rhode Island Casino
- Lock Haven News: Bovada’s Strategic Withdrawal from U.S. iGaming Jurisdictions
- Encyclopedia Britannica: Sports Betting
- CDC Gaming Reports: Rhode Island Casino Revenue Down 7% Year Over Year in February
- Google News: Rhode Island Sports Betting
