I don't know anything about the kid (other than he's stupid and impulsive enough to try something like this) but locking him up won't make anything better in the long run. When he gets out the only thing he'll be able to do is crime and he'll probably have met plenty of other enterprising individuals who can give him some tips.
All we're really doing is setting this individual up to be a lifelong drain on society.
I'd rather see massive amounts of community service to repay the debt he owes to society. I don't know what this individual's home life is like, and I can't imagine it's great given what he's done, but his punishment should be get an education and then work his ass off to pay for what he's done. No sports, no video games, and no screwing around.
He might not like it, but I suspect he has at least a small chance of turning out to be a decent person and contributing to society if the second approach is followed.