Rhode Island sports betting handle grows in October

Rhode Island’s revenue dropped slightly in the month of October. Operators handled over $28.3 million in sports wagers, which is higher than the previous month’s record, $23.6 million.

Operators earned $2.5 million from these bets. However, after the player playouts, the revenue decreased by 2.3% from the previous month. Online sports betting revenue in the state, launched in September, increased by 78%. 

The month of September had brought new all-time highs for Rhode Island. Some experts predicted that the trends would continue moving upwards in the months to come. However, they diverted slightly to record a fall. 

Rhode Island’s population is just over one million, and the state is typically not considered a hub for gambling activities. However, the state is welcoming casinos and sports gambling operations in the city because of which the gambling industry has exploded. 

Officials are happy with the results because the state is emerging on the US gambling map. To date, 19 states in the US have legalized sports betting in their jurisdictions. More states are expected to come up with regulations in 2020. This would help in creating a thriving market in the country, increasing competition and state revenues alike. However, the US still lacks a federal directive on gambling.

The states with legal gambling operations could expect big revenue figures as the professional sports season begins soon, starting with the Super Bowl.