In Connecticut, betting was soft-launched on October 12 and then officially introduced a week later, right when the NFL season got busy. It’s no coincidence, given that the NFL opening weekend saw a 126% y-o-y rise in bets.
It’s too soon to make firm conclusions about the industry’s future, but these are the figures for the first couple of weeks. In October, the state’s tax authorities collected $1.7 million on wagers totaling $366 million.
The total sports betting tax revenue was $513,000, with wagers worth $54.6 million.
The Mashantucket Pequots saw a gross profit of $3.6 million on online sports bets totaling $23.8 million with its partner, DraftKings. The net profit came at $2.7 million, with the state collecting $370,429.
Mohegan Digital Sports and its partner, FanDuel, grossed $874,160 on online sports bets worth $27.1 million. They netted $609,530, while the tax paid to the state equaled $83,810.
The Connecticut Lottery Corp. received $3.2 million in online bets. The gain was $214,290, and the state got $29,465 in taxes. Interestingly, the official lottery earned almost the same from in-person sports betting. However, the total bet in these locations was lower, $542,000.
The online casino segment was more prominent than sports betting, as expected. The state gained $1,195,357 on $312 million in bets.
Mohegan Digital recorded a handle of $123 million and a house win of $4 million. They used a notable $1 million for promo offers and earned $3 million. The state thus received $545,478.
The Mashantucket Pequots registered higher total wagers, $189.5 million, and earned $4.8 million. Some $1.2 million was used for promotions, resulting in a profit of $3.6 million. The state collected $649,879.
The total contribution from the newly legalized activities is significantly lower than the 25% from slot machines. Nonetheless, Chairman of the Mashantucket Pequot Tribal Council, Rodney Butler, says the numbers are encouraging and expected to grow, especially once the NFL season peaks over the forthcoming months.
With such high performances, no wonder the online sports betting market is projected to reach $59.5 billion in 2026. If more regulators allow it, the amount could even surpass the forecast.
We’ll have to wait and see.