October rise for Rhode Island sports-betting

Rhode Island enjoyed significant growth in sports betting handle and revenues during October.

Sports bettors in the state wagered a total of $34.7m in October.

It was a rise of 11% on September and of 22.6% on October 2019.

Operator revenues also grew strongly, up 83.3% to $4.4m on September. This was up 76% on the $2.5m recorded in October 2019.

Land-based wagering also performed strongly. The Twin River Lincoln and Tiverton casinos took $19.3m in wagers, the Twin River Lincoln resort took the majority of those bets at $14m.

Mobile betting recorded $15.4m in bets and generated $2m in revenue, a rise of 134% on the $856,000 recorded in September.

The channel was helped by the removal of the in-person registration requirement in July.

It was the highest monthly revenue figure since mobile wagering launched in September 2019.

WV casino drop 

West Virginia’s online casinos saw revenues drop 16% in October to $1.6m compared with the previous month.

Handle came in at $53m, a 29% drop in September’s $75m. The state doesn’t provide a breakdown of slots or table games revenues.

Meanhwhile, online betting and gaming solutions provider Rush Street Interactive (RSI) raised full-year revenue guidance.

The company said it would achieve $265m-$275m in 2020 after revenue grew 369.5% to $72.8m in the third quarter.

RSI powers the BetRivers and PlaySugarHouse igaming brands in Illinois and Pennsylvania respectively.

Chairman Richard Schwartz commented that the results validated the focus on player engagement and “building a best-in-class technology stack.”

Schwartz added that RSI was leading in online casino market share in the U.S.

The group is set to list on the New York Stock Exchange before the end of the year. It will complete a merger with special purpose acquisition company dMY Technology Group

RSI recorded an operating loss of $26.5m during the quarter as expenses rose 469% to $105m.

Advertising and promotional costs were also up, 82.3% to $17.5m.


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