Rhode Island’s sports betting revenue declined 24.7% in April and amounted to $ 3.2 million in state-earned revenue. In March, the industry saw an increase in betting activity thanks to March Madness. In return, the state earned $ 3.9 million in the Motte, a significant increase from its total revenue of $ 1.5 million in February.
While income from sports betting was inconsistent this year, it shows a growth curve compared to the same period last year.
Increased bet handle
Sports betting providers in Rhode Island have spent more with betting companies this year compared to last year. In January, players wagered $ 39.8 million. This was a 74.6% increase compared to the amount wagered last December.
On the other hand, it was a 48% growth compared to the amount wagered in January last year. Interestingly, of the nearly $ 40 million gambled away in Rhode Island in January, $ 21.9 million came from mobile betting.
In February, the betting account dropped to $ 34.1 million. However, that was still a 21.8% increase from the $ 28.1 million gambled away in February 2020. In March, bettors returned to take advantage of March Madness.
The result was around $ 38.6 million in sales in Rhode Island during the month. Online sports betting accounted for $ 16.1 million of the wagering amount. Compared to 2020, the betting portfolio had increased by 331.1% in March.
Sports betting in Rhode Island, and you can read more here, saw a sharp drop in betting odds in April. The total stake was $ 29 million, a decrease of 24.7%. Still, that was 4.811% growth over the same month in 2020.
In addition to the increasing number of betting trades, income from sports betting in Rhode Island has also increased. The state made $ 3.7 million from the industry in January – an increase of $ 400,000 from December.
More than half of the amount – $ 2.1 million – came from mobile betting, while $ 1.6 million came from personal betting companies. Unfortunately, that income fell 33% to $ 1.5 million the following month.
February was such a bad month for the Rhode Island sports betting industry that it was inconsistent with the same month last year. Fortunately, the industry bounced back in March.
Total revenue increased to $ 4 million from $ 1.5 million in February, an increase of 155.6%. Compared to March last year, this was a growth rate of 372.4%. As mentioned earlier, April sales were down 20.3% to $ 3.2 million. But it was an incredible 11,472% increase from the $ 27,000 the state raised last April.
How to join the party
Sports betting has a bright future in Rhode Island. There may be inconsistencies in revenue and betting deals at the moment. But over time, especially in days following the pandemic, Rhode Island could become one of the largest betting markets in the country.
Even so, attending the Rhode Island Sports Betting Party is easy:
There are two ways to wager on sports in Rhode Island. You can join the state’s official mobile betting website – it has a sports betting offering from William Hill and IGT. Or you can open a personal account at the Twin River Casino in Lincoln or the Twin River Tiverton Casino.
Obviously, the variety of bookmakers in Rhode Island is small. In addition, the available betting providers are either controlled by the state or the tribes. While this is not a bad thing, it does reduce competition, which is an efficient way of improving the quality of the services offered.
Choose an option anyway. Over 50% of Rhode Island weather users prefer the betting app. It’s more convenient, safer, and saves you leaving your home every time you want to place a bet.
- Add funds to your account
If you are planning on wagering at either of the two casinos that offer sports betting, there is really no need to create an account. Instead, the only requirement is ID and money to bet. The only time you need an account is when you want to take advantage of the casino’s loyalty programs.
The Rhode Island Official App allows you to deposit between $ 10 and $ 10,000 using a variety of payment methods including Visa, MasterCard, and PayPal. With money in your account, you can wager on thousands of betting markets in the US and around the world.
You can bet on all of the major leagues: NFL, NBA, MLB, NHL, and the MLS. You can also bet on international sports leagues like the English Premier League Player arenas. In addition, wagering on college sports is permitted except when RI-based colleges are involved.
Sports betting is easy. You can choose a game and support one of two teams. But that doesn’t guarantee you’ll win. Profit from sports betting requires extensive research. You need to look at the roster, stats, form and play style of each team.
Some people even pay for betting tips, but this is not always recommended. Tipsters, the people who sell betting tips, do the same type of game analysis that you can do to bet and win. So if you need to use betting tips, do your research and compare with professionals.
- Take profits and manage risks
After placing a bet and winning, you have the option to bet again or to take profit. Most people prefer to take profits. However, it can’t hurt to reinvest some of the money, especially if your goal is to increase your profits.
Even so, you should set up a risk management program. You don’t want to spend more than you can afford. And you don’t want to lose all of your winnings. Create a budget that will let you know the amount of money you will need to spend on each bet each day.
If you go over your daily or weekly budget, stop betting. Likewise, take profits after you have achieved a goal. This way you will enjoy sports betting more than if you wagered your money until you lost it.