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Fiona Simmons December 2, 2021 4 min read
Connecticut’s First Monthly Results of Betting Are In
The first month of online gambling and sports betting in Connecticut is over, and the results are in. The state has much to be happy about as it has been able to collect $1.7 million on tax with $366 million wagers placed across the state.
Much of the action was fueled by online casino gaming, a historically underestimated segment that has proven far more lucrative to states and businesses. Yet, sports betting is all the rage these days, and it’s where all the media and community buzz is.
Betting was introduced on October 12 as part of a quick pilot test, which resulted in a full-scale launch a week after. Essentially, Connecticut’s gambling industry has been up for just half a month, with the first results proving auspicious for the state.
Mohegan Digital managed to collect $123 million in wagers placed on casino games. The house bagged $4 million of that and paid back the other $119 million. The casino spent $1 million on promotions and made a $3 million profit, with $545,478 going back to the state’s coffers at a rate of 18% taxable gaming revenue.
Then there are the Mashantucket Pequots, who use the Foxwoods Resort Casino as their base of operations. The casino managed to amass $189.5 million in total gambling action, earning $4.8 million. $1.2 million was contributed towards promotions, and the state’s cut amounted to $649,879. So far as online casino games go, the state managed to generate $1.19 million in tax while accepting $312 million worth of wagers.
Sports Betting Enjoying a Strong Season with Professional Football On
The state can expect a big windfall from the ensuing sports betting activity any time the National Football League is on. The NFL season has given a good, strong start to Connecticut’s betting, and that is a fact.
Mohegan Digital Sports managed to gross $874,160 in revenue on a total of $27.1 million placed through online wagers collected via FanDuel. FanDuel is Mohegan Digital Sports’ official partner for the launch of sports wagering in the state. Some $83,810 was paid back to the state, out of $609,530 of taxable gambling income or 13.75%.
Then, the Mashantucket Pequots and DraftKings managed to fetch $3.6 million on just $23.8 million, resulting in $2.7 million taxable income and $370,429 paid to the state. It seems like FanDuel has attracted all the sharp bettors who found more value in betting opportunities with Mohegan Digital Sports, whereas DraftKings brought in the casual gamblers who were just there to place a wager, regardless of the outcome.
Meanwhile, the Connecticut Lottery Corp. registered $3.2 million in interactive wagers with just $214,290 in earnings and $29,465 going as tax to the state. The Corp. struggled to elicit much action on its digital platform, with both retail and online divvying up the action, serving as a warning that when given a choice, sports bettors would go with trusted private brands rather than government-backed operators.
Gov. Lamont Happy with the Results
Gov. Ned Lamont, who was a huge proponent of the legalization of both interactive wagering and iGaming, delivered a statement on the occasion of the first results. He argued that the state was off to a great start and that the marketplace was poised to enjoy years of success.
However, to determine how successful Lamont’s endorsement of iGaming is, the state would need to consider that land-based casinos generated $18 million a month during the last fiscal years from slot machines. Whether the new and more liberal market could match that is another matter.
Lamont and his team are betting on the longevity, low cost of investment, and general interest in these new gambling markets, though. Mashantucket Pequot Tribal Council chairman Rodney Butler said that the tribe was encouraged by the early results.
“The engagement sets a promising benchmark, and we expect the momentum to only build as more consumers get in on the action, and the NFL season peaks over the coming months,” Butler argued.