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Taking A Look At Connecticut’s Sports Betting And Casino Handle For November
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Taking A Look At Connecticut’s Sports Betting And Casino Handle For November

by Timothy KimDecember 17, 2021

Connecticut’s Department of Consumer Protection shared its gaming revenue report on Thursday, which included online sports betting and online casino gaming for November. This is the first full month the state allowed online betting platforms across Connecticut.

 

Connecticut’s Revenue Numbers For November 

Connecticut brought in more than $4 million in online sports betting and online casino gaming. DraftKings Sportsbook led the way in both categories but trailed rival FanDuel in sports betting revenue for the month.

FanDuel may have passed DraftKings in gross revenue; however, DraftKings outpaced their rivals in the amount of wagered placed in the iCasino department with $416 million compared to $275 million. The considerable difference led DraftKings to edge FanDuel, $7.9 million to $5.9 million in gross online casino revenue.

The Foxwoods Casino (Mashantucket Pequot Tribe), which has a partnership with DraftKings Sportsbook, accepted $60 million in bets and brought in gross revenue of $5.1 million. The Mashantucket Pequot Tribe handed out $2.6 million in promotions to expand its online casino gaming market in the state. The Tribe paid $1.4 million in the casino market and $703,655 for sports betting. 

Taking a look at Connecticut's Sports Betting and Casino Handle for November

Foxwoods Casino took in $60 million on sports betting in November.

On the other hand, FanDuel Sportsbook ( the Mohegan Sun Casino) took in $59 million in wagers but came up with $6 million in gross revenue. They ended up paying the state $819,799 

The state gained $2.5 million in online casino gaming and $1.7 million from sports betting. The differences in the numbers were expected as a new system was implemented just a couple of weeks ago. Online sports betting and online gaming made up a total of $823 million in November.

The Connecticut Lottery Corp. offers online sports betting through Sugarhouse. For the month, they took in $8.5 million in sports wagers. Due to the law, the Connecticut Lottery Corp. cannot offer online casino gaming to the public.

 

Connecticut’s Outlook Moving Forward Into 2022 

DraftKings, FanDuel, and the Connecticut Lottery Corp. accepted a total of $127 million through their online platforms. Another $4.7 million came from retail sportsbooks. The three entities combined for sports betting revenue of $12.6 million. Connecticut’s tax rate in regards to sports betting is at 13.75 percent.

DraftKings and FanDuel had combined gross gaming revenue of $13.9 million in online gaming. The tax rate for iCasino is based on a rate of 18 percent. Both operators had a win rate of three percent.

The Mashantuckets and Mohegans had an early jump start thanks to retail sports betting ahead of the Connecticut Lottery. Due to Connecticut’s new gaming law, they do not have to pay taxes on that revenue. Tribes also do not need to pay taxes on in-person bets on table games.

The average daily sports betting volume has increased in the last two months, primarily because of college football and the NFL. 

Max Reiss, the governor’s spokesman, stated on Thursday following the numbers that were released, “It’s our first full month of data and we’re continuing to see consumers’ confidence in the credible marketplace, which has been crafted here in Connecticut,…We look forward to seeing this market grow.”


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About The Author
Timothy Kim
I am a student at the University of Miami. I am currently majoring in sports management and minoring in entrepreneurship. My hobbies are watching sports especially NCAAB, NBA, MLB, and the UFC. I also enjoy investing in the stock and crypto currency market. I hope to pursue a masters in the future in Finance or a degree in law to have the chance to work with athletes in the future.