Rhode Island Posts $2 Million In Internet Casino Revenue For April
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The Rhode Island Lottery reported $2.1 million in internet casino revenue for April, the first full month Bally’s online platform was available for bettors in the Ocean State.
Rhode Island became the seventh state to offer online casino gaming on March 5 as Bally’s added another vertical to its monopoly on state gaming along with its two brick-and-mortar casinos and sports betting — both mobile and retail. Internet casino gaming could prove to be a vital source of tax revenue to the Ocean State since the $7 million in levies collected via sports betting for the first four months of 2024 are $1 million lower than the same period last year.
Taxes for internet casino gaming in April totaled $929,000, lifting the two-month total to nearly $1.6 million.
Total drop for casino slots and table games totaled $48 million, up 54.4% from the $31.1 million generated in the three-plus weeks of action in March following launch. After a near 50-50 split in which table games handle narrowly beat out slots, the positions flipped in April. Slot drop totaled $25.5 million compared to the $22.5 million for games such as blackjack, craps, roulette, and baccarat.
Though slot drop increased 65%, revenue did not keep pace as it rose 38.4% to $1.3 million. That’s because the win rate fell more than one full percentage point to 5.3%. Rhode Island taxes slot revenue at 61%, which led to an inflow of $817,900 into its coffers.
Table games winnings, meanwhile, nearly tripled from March to $740,600. The 3.3% win rate was more than double the 1.5% from March as wagering climbed 43.9%. The 15% tax rate meant Bally’s sent $111,100 to the state for its winnings on the computer felt.
Rhode Island’s figures completed the seven-state picture for national revenue totals as operator gross revenue winnings for April totaled $619.1 million and surpassed $20 billion all-time. Year-over-year revenue was up 22.8% from last year, with the “Big 3” of Michigan, New Jersey, and Pennsylvania accounting for $554.2 million of that amount. Known internet casino wagering — Michigan and New Jersey do not disclose drop amounts — topped $8 billion for the second consecutive month at $8.07 billion, up 24.8% from April 2023.
States levied taxes on $593.4 million in adjusted gross revenue, which resulted in $125.4 million in receipts. That was an increase of $26.6 million compared to 12 months prior. Total internet casino gaming state taxes dating back to Delaware and New Jersey launching in late 2013 are $575,000 shy of $4 billion.
