Record sports betting revenue for Rhode Island in November
For the month of November, the state of Rhode Island has posted record revenue for sports betting, with total revenue of $6.7 million – an 85.8 per cent increase from October, which stood at $3.6 million.
Online sports betting in Rhode Island was launched in September 2019 and activity has been steadily increasing, year-on-year since, which is reflected in the numbers posted.
In addition, the 2021 figures for November, were a 6.7 per cent increase on November 2020, which clearly provides an indicator as to the way the state is going.
Sportsbook branding a huge factor
With a sports betting handle of $28.7 million for November, this did not happen just by accident and there were a number of reasons for this.
US heavyweight sportsbooks such as DraftKings and FanDuel effectively have the biggest market share in the US – available in virtually every state that offers online sports betting and the clever branding that they have in place is one of the reasons for this.
In fact, the two sportsbooks are a major revenue generator for many states, especially such as Michigan and Colorado which generates millions every year in tax from sportsbook revenue.
Furthermore, this year, there has been a lot of interest in US sports, with the NFL and NBA in full swing, which has provided multiple betting opportunities for customers, in addition to newer markets that have been developed that they did not have the opportunity to bet on before.
What may seem to be considered as a foreign factor is the number of New York residents that crossed state lines in order to place a bet on their mobile, which happens a number of times with New Jersey. This certainly could have been a major contributor for the record statistics – especially for November.