Connecticut Online Casinos Set Record Revenue in May,

Connecticut’s online casinos made a notable recovery in May after a sluggish April, achieving a record-breaking pre-tax revenue of $46.2 million. This significant rebound, the highest monthly total since the state’s online gaming market launched, was driven largely by the Mashantucket Pequot Tribe’s DraftKings online casino, which posted its highest revenue yet.

 

• Record Revenue Achievement: Connecticut’s online casinos generated a record $46.2 million in pre-tax revenue in May 2024, recovering strongly from April’s decline.
• DraftKings' Milestone: DraftKings Casino led the surge with an all-time high revenue of $25.4 million, significantly boosting the state's overall online gaming market.
• Expansion with iLottery: The full launch of Connecticut’s iLottery on July 1 adds a new dimension to the state's gaming options, positioning it as one of the few states offering both online casinos and a state-run online lottery.

 

DraftKings Leads the Charge

DraftKings Casino (NASDAQ: DKNG) reached an unprecedented milestone in May, generating $25.4 million in revenue. This figure marks the highest monthly revenue ever recorded by DraftKings in Connecticut and played a crucial role in the overall market's growth. DraftKings’ performance in May underscores its dominant presence in Connecticut's online gaming sector.

FanDuel (OTCMKTS: PDYPY), operated by the Mohegan Tribe, also saw a significant uptick. The platform reported its second-highest monthly revenue at $20.8 million, following its record-breaking revenue of $21.4 million in March.

Connecticut’s online casino market launched in July 2023 and features two major operators: DraftKings, under the Mashantucket Pequot Tribe, and FanDuel, operated by Mohegan Digital. The state’s decision to partner with these well-known brands has proven effective, leading to robust market growth.

Despite Connecticut’s relatively small population of 3.6 million, the state has outperformed larger states in terms of per-capita online casino revenue. In May, Connecticut achieved a per-capita revenue of $12.83, a notable figure considering its size. This positions Connecticut ahead of states like West Virginia and Delaware, despite their long-standing gaming markets.

Comparing Connecticut’s performance with other states in May, Pennsylvania led with $216.5 million in online casino revenue and a per-capita revenue of $16.65. Michigan followed with $198.6 million and a per-capita revenue of $19.86, while New Jersey reported $192.1 million with a per-capita revenue of $20.65. West Virginia, Delaware, and Rhode Island reported lower revenues, with West Virginia at $17.9 million, Delaware at $3.9 million, and Rhode Island at $2.3 million, leading to per-capita revenues of $9.94, $3.90, and $2.09, respectively.

 

Revenue Trends and Market Growth

Connecticut’s online casino revenue has shown consistent growth over the past year, with minor fluctuations. The May revenue of $46.2 million reflects an 11.79% increase from April’s $41.4 million, indicating a recovery from the previous month's decline of 6.22%. This trend follows a revenue of $44.1 million in March, which was only a slight increase of 1.11% from February’s $43.6 million. January had seen a decrease to $41.5 million, a 6.03% drop from December’s $44.1 million.

In late 2023, the market experienced notable growth with December’s revenue marking a 15.18% rise from November’s $38.3 million. The revenue in November had increased by 5.21% from October’s $36.4 million, while October had seen a slight dip of 2.98% from September’s $37.5 million. The market had witnessed a significant boost in September with a 20.54% rise from August’s $31.1 million. The market's early performance in July 2023 started at $28.1 million.

On July 1, the Connecticut Lottery Corp. announced the full launch of its iLottery, following a soft launch period. This development makes Connecticut one of 13 states to offer a state-run online lottery. Furthermore, Connecticut now joins Michigan and Pennsylvania as one of only three states providing both iLottery and online casino options.

The iLottery launch is expected to enhance Connecticut’s online gaming landscape further. With the state-run lottery now in full operation, it offers additional opportunities for residents to participate in online gaming, likely contributing to sustained market growth.

 

“Connecticut’s online casino market reached a new peak in May with $46.2 million in pre-tax revenue, driven largely by DraftKings’ highest-ever monthly earnings of $25.4 million, underscoring the state’s robust growth and competitive gaming landscape.”

 

Conclusion

Connecticut’s online casino market is experiencing significant growth, led by DraftKings’ record-breaking performance in May. With robust platforms and strategic market expansion, including the recent iLottery launch, Connecticut is solidifying its position in the national iGaming landscape. As these trends continue, the state is poised for ongoing revenue growth, enhancing its economic contributions through the burgeoning online gaming sector.