Author: jeff

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Even accounting for the smaller population, Connecticut‘s online casino revenue is off to a slow start compared to other iGaming states. Yesterday, the Nutmeg State released its revenue figures for October and its two online gambling operators generated a bit less than $8.9 million in gross gaming revenue (GGR). After promotional deductions, the total is $6.6 million in taxable revenue.

Those figures account for Connecticut online casino revenue gathered during the soft launch, from Oct. 12 to 18, as well as that from the full launch on Oct. 19 through the end of the month.

On that latter date, Connecticut’s two tribal retail casino-licensed operators – DraftKings and FanDuel – launched online casino and sports betting. Also on Oct. 19, the Connecticut Lottery Corporation (CLC) launched PlaySugarHouse Sportsbook – a Rush Street Interactive (RSI) brand. The soft launch period’s contribution to total revenue was probably quite small, as operators had a strict cap on the number of signups during that time.

Michigan’s launch earlier this year is comparable because it also came late in the month, on Jan. 22.

Although Connecticut is home to just 3.6 million residents compared to Michigan’s 10 million, the Wolverine State‘s January 2021 GGR was proportionally much higher – at $29.4 million. Adjusting for both population and days of activity, Connecticut averaged $206,000 per million residents per day (ignoring the soft launch period). Michigan, on the other hand, averaged $326,000.

That came from the nine online casino operators who were live in the state on day one. Since then, Michigan’s has added five more operators and is on course for over $1 billion in iGaming GGR in its first year.

Two-brand limit may make for a smaller market

Connecticut has a limit…

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[]17th Annual Toys for Tots fundraiser at Mohegan Sun Arena | WOLFPlease ensure Javascript is enabled for purposes ofwebsite accessibility” } ], “datePublished”: “2021-12-02T23:00:16+00:00”, “dateModified”: “2021-12-02T23:26:50.000-05:00”, “author”: { “@type”: “Person”, “name”: “Claudia Murtha” }, “publisher”: { “@type”: “Organization”, “name”: “WOLF”, “logo”: { “@type”: “ImageObject”, “url”: “https:/resources/assets/wolf/images/logos/wolf_email.png” } }, “description”: “Toys for Tots started in 1947 in Los Angeles by a Marine and his wife. By 1948 their efforts became a national program and now 74 years later the Marine Corps are still collecting and distributing toys to children in need. Hosting many collection drives like the one at the Mohegan Sun Arena today. Every year The Mohegan Sun Arena opens its doors to the community. “Why are you here today,” FOX56’s Claudia Murtha asked. “To ice skate,”Wyatt Dedonato said.” } ]]>

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3rd December 2021 10:41 am GMT []Connecticut’s nascent online sports betting and iGaming markets generated a combined $312.86m in wagers in October, the first month of regulated operations under revised tribal-state gaming compacts.

[]Mohegan Digital and partner FanDuel were the leading online sports betting operator in October with handle of $27.08m, followed by…

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Connecticut’s Governor Ned Lamont announced Wednesday that expanded gamlbing in the state, which began in mid-October with sports betting and online casino games, has generated $1.7 million in revenue. 

The reported amounts up to October 31, limited to less than a month. Online casino gambling brought in $1.2 million and sports betting raised about $513,000. The money will be deposited into the state’s general fund. 

Lamont reflected on these numbers and called them a “great start” and said he is “looking forward to years of success”. He also stated that it is expected that gambling revenue will generate $100 million a year for the state over the next four or five years. 

Rodney Butler, tribal chairman of the Mashantucket Pequots, who own and operate Foxwoods Resort Casino, said he was encouraged by the early results “showing a clear enthusiasm and interest in online sports betting and gaming in Connecticut”. 

“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”, he added. 

Slot machine revenue at the two casinos, Mohegan Sun and Foxwoods, dwarfed what sports gambling and expanded online games raised. Foxwoods posted $317 million in slot revenue in October and Mohegan Sun saw $44.3 million for the month. 

In both casinos, slot revenue rebounded more than 20% from October 2020, when they operated at reduced capacity due to COVID. 

The payment due the state is 13.75% of gross gaming revenue for sports betting and 18% for online casino gaming until 2026 when it will increase to 20%. 

Retail sports wagering through the Connecticut Lottery began on October 25, though a so-called soft launch with limited online gambling and sports betting began earlier that month.

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