Connecticut’s iGaming Market Continues to Register New Highs
Connecticut’s internet casino industry achieved a record-breaking $46.3 million in gross revenue for May, surpassing the previous peak of $44.3 million set in March. This milestone represents the sixth consecutive month where revenues have exceeded the $40 million mark.
There has been a substantial 41.3% increase compared to May of last year, which saw $32.8 million in revenue. May revenue also showed an 11.7% growth from April’s $41.5 million, indicating a strong upward trend.
In May, operators allocated $8 million in promotional credits. The total handle for the month, representing the total amount wagered, hit an all-time monthly high of $1.37 billion. This figure marks the ninth consecutive month where the combined handle of the two operators surpassed $1 billion.
Year-to-date, the total handle has reached $6.58 billion, reflecting a 32.4% increase compared to the first five months of the previous year.
The state’s ability to tax $39.4 million in adjusted gross revenue, considering the maximum allowable deductions of 15%, resulted in significant tax revenue. This adjusted gross revenue was the second-highest in the state’s history, trailing the record set in December by a mere $18,000. Consequently, the state collected $7.1 million in taxes from this revenue.
The year-to-date tax revenue has amounted to $33.3 million, which is $10.2 million ahead of last year’s figures at the same time.
FanDuel’s performance in May was notable. With a handle of $617.2 million, it marked a record drop. Compared to the previous year, promotional spending by FanDuel increased by $1 million to $4.5 million.
Despite a 44.8% surge in promotional spending, it remained less than 1% of the total handle. FanDuel’s gross revenue for May was $20.8 million, a 43.9% increase from the previous year, and just $584,400 shy of its all-time high of $21.4 million recorded in March.
This marked the second occasion where FanDuel’s monthly winnings exceeded $20 million. To date, FanDuel has surpassed $400 million in all-time revenue in Connecticut. Year-to-date revenue for FanDuel stands at $96.5 million, nearly a 40% increase from the same period last year.
DraftKings also demonstrated strong performance with a handle of $753 million for May, marking the fourth-highest handle overall. This was a 28.5% increase compared to May of the previous year. DraftKings’ promotional spending rose by 21.1% to over $4 million, which constituted 0.6% of the total handle.
DraftKings has consistently surpassed $20 million in monthly revenue for nine consecutive months. The revenue for May was $25.4 million, only $101,700 short of the all-time high set in February.
This represented a 38.7% increase from the previous year, with a hold percentage of 3.4%, slightly higher than the previous year. Year-to-date revenue for DraftKings is $120.3 million, reflecting an almost 35% year-over-year increase. Adjusted gross revenue for DraftKings is $102.3 million, already more than halfway to its full-year total of $190 million for 2023.
- Other news categories:
- SlotsUp's news
