When it comes to the sports betting industry, knowing the trends across markets are very important. As an insider, using the data you know and a good pay per head sportsbook software makes for a good formula for success. Knowing the direction of the market can help you prepare for, and adjust for any changes. For instance, finding out the status of the Rhode Island sportsbook market may help you find out the betting behavior of bettors local to the area.
And for the state, the numbers are not good. Sportsbooks in Rhode Island are only seeing $20.2 million in wagers for July. This is the lowest handle that the state has seen in three years. The handle is 19.8% lower than July 2022’s $25.2 million handle. And in month-on-month data, the dip is 14.8% from June’s $23.7 million.
Rhose Island Sportsbook Market and Its Changes
Out of the total handle, $15.4 million come from online sportsbooks, with $4.9 million coming from retail sportsbooks. Revenue for sportsbooks is a measly $1.9 million, 34.5% lower than July 2022’s $2.9 million, but higher than June’s revenue of $1.8 million. As with any business, seeing lower revenue is worrisome, but as long as you are still earning, then you are good.
If you want to be an online bookie, you have the advantage of having a very easy way to add more products to your sportsbook. This is very handy if you, like Rhode Island sportsbooks, are seeing a slower sports betting season. Hopefully, the numbers for gambling in the state as they add iGaming to the market.
Last June 22, Governor Dan McKee signed unto law Senate Bill 948, which adds online gaming to the market. The state gets 50% in tax revenue from slots, with table games claiming 18% of tax revenue. With online casino games made available, residents can enjoy a few games while there are less sports events to bet on. And to be a bookie and own a sportsbook and online casino is very easy for you to do as well, and will help you earn more with a larger product portfolio.