It seems that residents of Connecticut are enjoying the opportunity to gamble in their own state! The state smashed the records and achieved the highest revenue ever in October this year.
Smashed records
The Connecticut State Department for Consumer Protection released its monthly revenue report, and the results are stunning. The state’s online gambling operators earned $46.2 million in total revenue. Compared to September 2023, the increase is 5.2%, while compared to the same month last year, the increase is even bigger, 34.7%.
When it comes to online casino gaming, the total win was $31.1 million in October, which is 2.6% higher than the $30.3 million in wins recorded in September.
The total amount of placed bets is also higher than in September. In October, the total was $1.14 billion, and in September, the amount was $1.12 billion.
A huge percentage of revenue is achieved thanks to DraftKings, which remains the leader when it comes to online gambling in Connecticut. Its partnership with the Mashantucket Pequot tribe has proven greatly successful, and it brought $18.7 million in revenue. The total amount of money from the wagers placed thanks to this partnership was $688.3 million.
The second most successful is FanDuel, which partnered with Mohegan Sun. They earned $12.3 million in revenue together, and the value of placed bets was $458.8 million.
When it comes to sports betting, there was a huge increase as well. The total reported revenue achieved from wagers was $189.6 million in October, which was 15.5% more than in the same period last year. About 93.7%, or $177.1 million, was generated from online sportsbooks, and the remainder was gained from retail sportsbooks, which means that the players of Connecticut enjoy online betting way more than the retail casinos.
Online sportsbooks
When it comes to online sportsbooks, FanDuel and its partner, Mohegan, earned the most and became the market leader in sports betting with a revenue of $7.6 million.
The second was DraftKings and Mashantucket, with a revenue of $6.3 million.
Overall, the sportsbooks from Connecticut earned revenue of $16.3 million in October, which records a huge increase of 29.3% compared to the previous year. Online sports betting revenue brought in more than 15 million, which also hit a record in the state.
When it comes to state taxes, the revenue from sports betting generated $2.2 million, which is the biggest amount of money the state has earned since the legalization of sports betting in October 2021.
Source: Mulligan, Richard, “Connecticut posts record gambling figures in October 2023”, iGamingBusiness. November 21, 2023.