Connecticut online casino, sports betting rakes in $1.7M in Oct.

Connecticut online casino, sports betting rakes in $1.7M in Oct.

Connecticut generated $1.7 million in revenue from sports and internet wagers in October 

According to Connecticut Governor Ned Lamont, the state earned approximately $1.7 million during the first month of legalized online gambling and sports wagering.

Connecticut online casino opens strong 

Connecticut began accepting wagers on October 12 and collected around $513,000 in sports wagering and $1.2 million in online casino games through October 31. Connecticut had put the profits into the state’s general fund.

Approximately $1.2 million came from the state’s share of the Mashantucket Pequot and Mohegan tribes’ online casino gambling income. In comparison, roughly $513,000 came from the tribes’ and Connecticut Lottery Corporation’s sports betting revenues. Connecticut takes 13.75 percent of gross gambling revenue from sports betting and 18 percent from online casino gambling until 2026, at which point the tax climbs to 20%. The state does not receive any revenue from sports wagers placed at the two tribes’ southern Connecticut casinos, which temporarily constructed sportsbook operations.

Connecticut could earn about $30 million in income from sports betting and online casino gambling in the current fiscal year, ending June 30. Payments and other associated information have been made public on the Connecticut Department of Consumer Protection website. 

The state is entitled to 13.75 percent of gross gaming revenue from sports wagering and 18 percent of gross gaming revenue from online casino gaming until 2026 when it will increase to 20%. The state does not collect payments on sports wagers placed on tribal lands.

“This initial revenue collection for our state reaffirms my administration’s strategy and approach in ensuring our sports betting and casino systems operated seamlessly for consumers,” Lamont added.

“We worked tirelessly with our casino and state partners to ensure that Connecticut consumers had a pleasant user experience across all platforms, and these results demonstrate that we succeeded. We’re off to a tremendous start with this new gaming marketplace, and we anticipate years of success.”

Rodney Butler, the Mashantucket Pequot Tribal Council chairman, issued the following statement regarding the first month of sports betting and online gaming revenue contributions to the state. “We are encouraged by the early results, which demonstrate a strong appetite and interest in online sports betting and gaming in Connecticut. We’re thrilled to offer new gaming experiences through DraftKings while also contributing significant income to the state.

“The participation level is encouraging, and we expect the momentum to continue to grow as more consumers join in on the fun as the NFL season approaches its height in the coming months.” 

The nationwide launch of sports betting and igaming comes following the successful conclusion of a seven-day soft launch on October 12, 2021. 

Great Time for the State

Lamont stated on the day of the launch, “This is a great time for our state and our tribal allies.” Connecticut has a long history of being a leader in the gaming business, and that tradition will continue with the launch of these new online choices for all qualified citizens.

“I am delighted to have put the first legal, in-person sports wager in the history of our state just two weeks ago, and I encourage people interested in wagering to do it properly.

“I want to express my appreciation to the personnel at the Department of Consumer Protection for their efforts over the last several months to make this happen, especially given that this is one of the quickest state implementations of online gaming and sports gambling in the country.”

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.