Connecticut’s iGaming market has been thriving, and recent figures show impressive growth.
In May 2024, the state’s online casinos achieved a record-breaking revenue of $46.2 million. DraftKings Casino led the way, posting its highest revenue ever, while FanDuel’s online casino revenue was its second-highest to date. The May total is also more than 41% higher than the same month last year, topped the previous record of $44.3 million set in March, and was the sixth consecutive month over $40 million.
Additionally, Connecticut’s iLottery officially launched on July 1, expanding the state’s online gaming options even further, and impacting top sportsbooks.
DraftKings and FanDuel a Big Part of the Success
At the time, the Mashantucket Pequot Tribe partnered with DraftKings online casino, while Mohegan Digital teamed up with FanDuel online casinos. These two operators selected well-known online casino platforms for Connecticut’s iGaming launch, a decision that has paid off significantly.
DraftKings Casino generated the highest revenue total ever. FanDuel online casino generated its second-highest revenue total ever in May.
Here’s the breakdown for May 2024:
Revenue
- DraftKings, in partnership with Foxwoods (operated by the Mashantucket Pequot Tribe), led the revenue charts with $21.6 million. FanDuel and Mohegan followed closely with almost $18 million.
Total Betting Revenue
- Overall betting revenue increased by nearly 15% year-on-year, reaching $17.1 million. The majority ($16.2 million) came from the online market, while the rest was from retail.
Sports Betting
- FanDuel and Mohegan dominated sports betting, generating unadjusted revenue of $8.4 million, surpassing DraftKings’ $6.2 million.
- Fanatics, the new sportsbook provider for the Connecticut Lottery (replacing Rush Street Interactive), contributed an additional $1.1 million.
Handle (Total Spend)
- The total market spend in May was $163.6 million, which is nearly 50% higher year over year. Of this, nearly $156 million was wagered online.
DraftKings and FanDuel Casino are generating these numbers despite the fact that Connecticut’s state population is among the smallest.
Connecticut is Small But Putting Up Big Online Casino Revenue
Among the seven states with active online casino markets, Connecticut stands out as the only state with fewer than five million people that boasts a per-capita iGaming revenue exceeding $10.
Here’s a comparison of per-capita iGaming revenue across several states:
- Pennsylvania: $16.65 (population: 13 million)
- Michigan: $19.86 (population: 10 million)
- New Jersey: $20.65 (population: 9.3 million)
- Connecticut: $12.83 (population: 3.6 million)
- West Virginia: $9.94 (population: 1.8 million)
- Delaware: $3.90 (population: 1 million)
- Rhode Island: $2.09 (population: 1.1 million)
Connecticut’s consistent revenue growth over the past year reflects the state’s strong position in the online gambling market.
Online Casino Revenue Also Generating Big Tax Revenue
The state could tax $39.4 million in adjusted gross revenue, with both operators taking the maximum 15% deduction. This total was the second-highest in state history, coming within $18,000 of last December’s $39.4 million. The state collected a little more than $7 million in taxes, resulting in over $33 million flowing into state coffers this year—more than $10 million ahead of last year’s pace.
Although these figures are subject to change as the industry evolves, Connecticut’s success story remains impressive up to this point.
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