Connecticut’s online casino industry raked in a record-breaking $44.3 million in gross revenue for the month of March 2024. Compared to March 2023, this month’s numbers showed an increase of 28.1% in revenue.
Breaking down the earnings from the tribal-owned online casino operators in the Nutmeg State, it is worth noting that the Mohegan Tribe’s FanDuel Casino has raked in over $20 million in gross revenue for the first time. Their competitors, the Mashantucket Pequot Tribe (MPI) held the distinction of acquiring the most gross revenue for the past seven consecutive months which started last September 2023.
The two companies paid their 18% in taxes to the Constitution State, which came to $6.8 million compared to $4.1 million last year.
Online Sports Betting Making Huge Splash on Connecticut
March marked the first time two tribal-operated online casinos, Mohegan and MPI, tallied more than $20 million in gross revenue in the same month.
According to the latest data from the Connecticut Lottery, February 2024 saw MPI posting $22.7 million in gross revenue through its DraftKings Casino while Mohegan trailed close behind with $21.4 million in revenue.
March 2024 has seen the Mohegan cracking the $20 million mark, and combined with the MPI numbers, the month’s numbers showcase the closest gross revenue margin between online casino operators in state history. A margin of $1.3 million separates the two operators: this gap hasn’t been this close since the two operators were around $2 million apart in June 2023.
Connecticut launched online casinos back in April 2023, and Mohegan posted its best revenue month to date. Meanwhile, MPI revenue started out strong during Fall 2023, but has since struggled to keep up with the pace it has set for itself. March’s $22.7 million of revenue was the lowest total since November.
In contrast, Mohegan’s revenue totals have been consistently showcasing solid growth since November 2023. Mohegan’s gross revenue has topped $15 million for five consecutive months, a feat it accomplished just once in the first seven months of operation.
What does this Mean for Online Casinos in Connecticut?
Connecticut is one of the US states that have recently legalized online casinos via HB6451 in 2021. This bill includes the legalization of US-regulated sites that include sports betting, casino games, poker, and daily fantasy sports (DFS).
Players who are looking to enjoy their online casino games like slots, card and table games, and live dealer options can do so legally.
In the realm of sports betting, given the record numbers the two main operators have acquired for March 2024, and its overall revenue from the start of 2024, experts see that the industry is set to see a small decline during the summer season, starting in April.
This is due to the fact that sports betting tends to fall off during non-sporting seasons, but the numbers are projected to not fall too much. Experts foresee that sports betting numbers shall fall between mid to high $30 million range between April to August 2024.
Last Updated on by jonathan r
