Connecticut Exceeds $41M in Online Casino Revenue for January
Connecticut Online Casino Revenue: Increase of 37.3% from 2023
Gross revenue from internet casino gaming in Connecticut exceeded $41 million in January, according to the state Department of Consumer Protection. That was an increase of 37.3% from the opening month of 2023.
DraftKings and FanDuel — the two licensed gaming platforms in the state — were both huge benefactors, suring $1 billion in combined handle for the fifth consecutive month.
As a result, the state was able to collect nearly $6.4 million in taxes for last month, representing close to a $2 million increase compared to last year. Here’s more details on Connecticut’s online casino revenue for January.
Above the Fray
Aside from DraftKings and FanDuel, Play SugarHouse is the only other licensed online sportsbook in Connecticut. A variety of in-person betting is also available at brick-and-mortar locations, including Mohegan Sun and Foxwoods Resort. However, DraftKings continues to stand above the competition when it comes to online gaming.
For the third consecutive month, DraftKings topped $700 million in handle in Connecticut alone. That represents a 31.8% increase in handle from the previous year. That also s for nearly $4 million in promotional credits.
All told, the state levied taxes on over $20 million in adjusted revenue following a deduction for promotional credits.
FanDuel continued to flourish as well. It hit nearly $530 million in handle, with promotional credits ing for more than $3.9 million of that total. That represented an all-time high for FanDuel, which exceeded $500 million in handle for the first time. Meanwhile, gross revenue hit $17.6 million, a 34.5% increase from the previous year.
However, its Connecticut online casino revenue declined 9.1% from December as the win rate nearly hit an all-time high. The state levied taxes on nearly $15 million adjusted gross revenue.
Market Still Growing
While online sports betting is now legal in 29 U.S. states plus Washington D.C. — with North Carolina set to launch next month — online casino legalization has moved at a much slower rate. It is currently offered in only five states besides Connecticut, including Pennsylvania, New Jersey, Delaware, Michigan, and West Virginia. Rhode Island is set to the fray in early 2024.
In Connecticut, online casino gaming has been legal since May 2021 when Gov. Ned Lamont signed it into legislation along with sports online gambling. Still, there are only a select few casinos through which players can wager: DraftKings and the FanDuel-backed Mohegan Sun Casino. Residents of say, New Jersey, have far more options, with those including BetMGM Casino and bet365 Casino in addition to both DraftKings and FanDuel.
Online casino play is a popular form of gaming, in which players have a plethora of options including poker, blackjack, roulette, and dozens of different slot games. Payouts are instantaneous, and players can then put their winnings toward online sportsbook bonuses.
But again, a majority of states are still in wait-and-see mode when it comes to legalization. Even states that house physical casinos have yet to sign off on the online variety.
Stay tuned for more news on Connecticut online casino revenue.
For online Point Spreads Sports Magazine.
