When it comes to demand and success, often times, many industries focus on how a specific event performs immediately upon its release. For example, in Hollywood, industry experts refer to “opening weekends”, and why the music industry always focuses on “first-week sales”.
In the case of Rhode Island’s first sportsbook – the verdict is clear: the demand exists. Specifically, the Twin Rivers Casino handled over $680,000 in wagers regarding professional sports in only five days of operation.
The sports betting facility was launched at Twin Rivers Casino on November 26. This was historic for the state, as it was the first gambling venue to actually offer betting on athletic activity.
The casino paid out almost $610,000 in gambler winnings, which means that the casino was able to profit over $70,000 in its first five days of operation. It’s also important to note that Rhode Island, as a state, will receive 51% of the revenue generated from sports betting within the state.
What Does The Future Hold?
The operation launched later than anticipated, as it was actually expected to go live on October 1. However, the operation was able to launch before the end of the year. The overall money was not simply just shared between Twin Rivers Casino and the state, but a sports betting partner – IGT – was also involved, as well. The exact splits between the parties are unclear.
In June, various analysts predicted that the state could collect over $20 million in revenue from sports betting operations, although it’s unclear how relevant those numbers are now. Regardless, there are new projections that are suggesting that $12 million can be collected by June. Of course, time will tell whether this number will be accurate, or close to accurate.
Neil Mathew has been writing about technology and business for years now, and is interested in how emerging technologies will affect the gambling/casino sector.