In a remarkable turnout for the Connecticut gambling industry, the State Department for Consumer Protection’s most recent revenue report highlighted a significant surge in earnings across online gambling platforms. October 2023 saw operators rake in a resounding $46.2 million, marking an impressive 34.7% increase when compared to the same month the previous year, and a solid 5.2% rise from September 2023 figures.
Delving into the specifics, online casino gaming was a considerable contributor to the month’s success, with a win of $31.1 million—an upshift of 2.6% from the $30.3 million reported previously in September. Total wagers echoed this upward trend, reaching $1.14 billion, marginally exceeding the $1.12 billion from the month prior.
Dominating the online gaming marketplace in Connecticut, DraftKings, in alliance with its partner, the Mashantucket Pequot tribe, generated an impressive $18.7 million from an enormous total of $688.3 million in wagers. Not far behind was the tandem of FanDuel and Mohegan Sun, securing $12.3 million in revenue from $458.8 million in wagers, reinforcing their strong presence in the market.
A significant leap in the realm of sports betting was also noted, with a total of $189.6 million in wagers throughout October, up by 15.5% on a year-on-year basis. The majority of this, a staggering $177.1 million, equating to 93.7%, stemmed from online sportsbooks, the rest being contributed by retail bets.
FanDuel teamed up with Mohegan to lead the charge with $7.6 million in revenue, meanwhile, DraftKings and Mashantucket Pequot were hot on their heels with a report of $6.3 million in earnings.
Connecticut’s sportsbooks experienced an unprecedented high, setting a new record with $16.3 million in revenues during the month of October—up by an impressive 29.3% when compared to the previous year. The lion’s share of this, slightly over $15 million, came from online sports betting, further punctuating the state record.
This windfall for the online sports betting sector also translated into significant tax earnings for the state of Connecticut. In October alone, sports betting generated a record $2.2 million in state taxes, representing the highest total since the inception of Connecticut sports betting in October two years prior.
The substantial growth in revenues undisputedly indicates the thriving state of online gambling and sports betting in Connecticut. The strategic partnerships, robust online platforms, and the increasing public interest in sports betting have all contributed to this economic upsurge.
While these figures point towards a prosperous period for Connecticut’s gaming operators and the state treasury, they also bring attention to the critical role of industry regulation. As revenues climb, ensuring responsible gambling practices and supporting services for gambling addiction remain essential priorities for maintaining a balanced and sustainable growth in the industry.
The prolific revenue numbers of October have set a new benchmark for future performance in the state’s gambling scene. As Connecticut continues to navigate its place in the expanding U.S. gambling market, its trajectory seems poised for further milestones, making it a state to watch in the competitive landscape of American online gambling and sports betting.
