- Rhode Island rakes in $683,000 in first week of sports betting
- The states expects a strong turnout in December
- 5 more states consider sports betting in 2019
Rhode Island cashed in on its first week of sports betting, with the state’s gamers contributing a total of $683,000 in wagers. The Rhode Island Lottery has fleshed out the details on Friday, December 28. The numbers concern the Twin River Casino in Lincoln for November.
The U.S. Smallest State Rakes in $700,000 in Sports Wagers
Rhode Island, the U.S. state has managed to handle a hefty $683,000 in sports wagers during the first week of its sports betting operations with the numbers announced this Friday by the Rhode Island Lottery Commission
Twin River Casino is the only approved property so far taking wagers on sports events’ outcomes in New England. With the activity hitting off on November 26, the figures cover a 5-day spread. While some see signs of strength others don’t entirely rule out the possibility of a hype build-up, which may tumble in the months to com.
Nevertheless, a total handle of nearly $700,000 a week is sufficient to chart a future in which the casino handles around $3 million a month. Breaking down the total handle, $610,000 was paid back to customers with the Twin River Casino cashing in estimated $73,000 in revenue.
Twin River Casino is located in a good spot, ready to take customers from neighbouring Massachusetts.
Legal Betting and the Way Ahead for the Industry in 2019
Following the legalization of Rhode Island’s sports betting, much is about to change in the U.S. betting landscape in 2019. With the small state managing to push through with its own legal bills, other states are now expecting to legalize their activities. The wait list is not too long in any event:
- New York
- District of Columbia
In each case, these states are edging closer to getting their sports betting activities legalized in 2019, though not all of them have obtained the clear go-ahead. Arkansas is in fact the only sure state that will launch its own activities by mid-2019, as voters supported the idea during the mid-terms.
Michigan did a last-moment push for the legalization of the activity, but the suggestion was shot down by Governor Rick Snyder, after having cleared both houses. Debates will continue well into 2019.
Meanwhile, New York has had several betting bills since 2013. In 2018 alone, several more were spearheaded but apparently couldn’t make the cut. Connecticut is in a similar pickle not quite able to push through the lawmakers that oppose the legalization of the activity.
A Galloping Sports Betting Industry
In 2019, the U.S. sports betting market is expected to add a handful of other states, potentially reaching an overall of 12. This is close to the forecasts for 2030 when no more than 20 states are expected to have official sports betting activities.
This excludes Daily Fantasy Sports (DFS) and electronic sports (esports) are not included in the restrictions that states usually levy against mainstream sports. However, they are operating in a dangerous loop hole.