State Raises $ 1.7 Million in First Weeks of Online Gambling and Sports Betting


The numbers are available for Connecticut’s first month of online gambling and sports betting, and it’s too early to know how the industry is going.

The Connecticut tax offices won a total of $ 1.7 million in the partial month of betting under the new system, out of a total of $ 366 million in bets. As expected, online casino games were far more important than sports betting, even though the sport grabbed the headlines.

Betting started with a soft launch on October 12 and then went on in earnest a week later. So it’s basically half a month. Here is the breakdown:

In online casino games, Mohegan Digital has cashed $ 123 million in bets and paid out $ 119 million for a house win of $ 4 million. They cut $ 1 million for promotions – remember all those deals where you were guaranteed money if you opened an account? – and made a profit of $ 3 million, paying the state $ 545,478, or 18%.

The Mashantucket Pequots, which operate the Foxwoods Resort Casino, drew a bigger handful of $ 189.5 million, earning $ 4.8 million. This tribe paid $ 1.2 million in promotions, for a profit of $ 3.6 million, and the state reduction was $ 649,879.

Total collected by the State on online casino games: $ 1,195,357 out of $ 312 million in wagers.

Now on to the fun stuff, sports betting in the heat of the NFL action, as the state intended when the Consumer Protection Department accelerated the rules at the behest of Governor Ned Lamont.

Mohegan Digital Sports has grossed $ 874,160 out of $ 27.1 million in online sports betting with its partner, FanDuel. After deductions, including federal taxes, Mohegan Sun operators earned $ 609,530, paying the state $ 83,810, or 13.75%.

The Mashantucket Pequots and their partner, DraftKings, grossed a lot more $ 3.6 million on a smaller sports handful, $ 23.8 million. It’s unclear why the profit margin was so much higher at Foxwoods, but the tribe made $ 2.7 million after spending and paid the state $ 370,429.

The Connecticut Lottery Corp. grossed $ 3.2 million in online betting, earning $ 214,290, which is $ 29,465 for the state.

Oddly enough, Lottery Corp. won almost the same amount in his in-person sports betting at retail stores that started on October 25. But the total bet at the retail stores was much lower, $ 542,000.

Grand totals for sports betting: $ 54.6 million in bets placed; $ 513,000 sent to the state.

Next up: we’ll try to get a breakdown by sport to see how cricket in India has performed against Russian table tennis in the Connecticut betting scene.

We do not see the results of sports betting in person at the casinos because they are not taxed under the Lamont law signed in the spring.

“This first revenue drive for our state strengthens my administration’s process and approach when it comes to ensuring that our sports betting platforms and iCasino operate transparently for consumers,” Lamont said in A press release. “We are off to a good start with this new gaming market and look forward to years of success. “

Contributions to the state are well below the 25% gross revenue for slot machines in casinos, which averaged over $ 18 million per month in the last fiscal year, even with the decline in Covid. Beyond that, it’s hard to say how it meets expectations, as this report only covered the first three weeks of online betting – a period of important promotions to attract players.

“We are encouraged by the early results,” said Rodney Butler, chairman of the Mashantucket Pequot Tribal Council and a strong supporter of online gaming. “The engagement sets a promising benchmark and we expect the momentum to build only as more consumers jump into the action and the NFL season culminates in the next few months. month.”

Butler didn’t explain why sports betting was so much more profitable on the Foxwoods platform than on Mohegan’s – which paid bettors a higher percentage.

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