Connecticut’s Gross Internet Casino Revenue Surged in May

The Connecticut Department of Consumer Protection has published its gross internet casino revenue report for May, highlighting a new record-breaking figure.

As the state continued to be dominated by FanDuel and DraftKings, the regulator recorded total revenue of $46.3 million, up 41.3% year-on-year. For comparison, last May, the Connecticut internet casino industry reported revenue of only $32.8 million.

The May figure represented the sixth month of revenue over $40 million, continuing the positive trend. In addition, the gross internet casino revenue for the month exceeded the previous revenue record set in March 2024 ($44.3 million).

Betting handle was also at a record high, reaching $1.37 billion. This was notably the ninth month in a row the iGaming operators have recorded over a billion in wagers. In terms of year-to-date results, the operators reported $6.58 billion in handle, up 32.4% year-on-year.

The spectacular performance of the Connecticut internet casino industry resulted in $7.1 million in taxes. The local licensees have so far provided $33.3 million in taxes, far exceeding the $23.1 million recorded a year ago.

FanDuel and DraftKings Almost Surpassed Their Revenue Records

Both FanDuel and DraftKings recorded favorable results with the former reporting an all-time-high handle of $617.2 million, up 44.8% year-on-year. FanDuel’s success was underpinned by increased spend on marketing and promotional content, according to official data.

FanDuel turned its record-breaking handle figures into $20.8 million in gross revenue, up 43.9% year-on-year. This was the second time the company has achieved over $20 million in revenue as it narrowly missed surpassing its previous revenue record of $21.4 million set in March 2024.

DraftKings, on the other hand, posted $753 million in handle – a figure that represents an increase of 28.5% year-on-year. While DraftKings also upped its promotional spend, its promotions failed to achieve quite the same success as those of its main rival.

Despite that, DraftKings’ revenue stood at $25.4 million, exceeding the results of its competitor. This was also the ninth consecutive month of revenue over $20 million.

Like FanDuel, DraftKings narrowly missed surpassing its all-time-high revenue record. Whereas the former company fell approximately $600,000 short of surpassing its record, DraftKings was within $100,000 of its own all-time-high.