Connecticut nets $4M in first full month of sports betting

Connecticut raked in more than $4 million in revenue from its nascent online gambling and sports wagering industry in November, the first full month of legalized betting.

The state’s tax coffers gained about $2.5 million from online casino gaming and about $1.7 million from sports betting last month, on a total of $823 million in wagers.

Online casino games continue to outpace sports gambling, as expected, and total revenues in November grew sharply from last month, when the new system was only in place for several weeks.

“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,” Max Reiss, the governor’s spokesman, said Thursday following the release of the latest numbers. “We look forward to seeing this market grow.”

In online casino games, Mohegan Digital took in $275 million in wagers and paid out $267 million for a house win of $8 million. Nearly $2 million was spent on promotions and about $6 million was made in profit, with a little more than $1 million, or 18 percent, going to the state.

The Mashantucket Pequots, who operate Foxwoods Resort Casino, attracted a larger handle of $416 million, earning $10.5 million. The tribe paid out $2.6 million in promotions, for a profit of $7.9 million and the state’s cut was $1.4 million.

Sports wagers increased dramatically from October to November in midst of NFL season, one of biggest times for betting.

Mohegan Digital Sports grossed $8 million on $58.9 million in online sports bets with its partner, FanDuel. After deductions, including federal taxes, the operators of Mohegan Sun earned $5.9 million, paying the state $819,799, or 13.75 percent.

The Mashantucket Pequots and their partner, DraftKings, grossed $6.9 million on $60 million in wagers. The tribe netted $5.1 million after expenses and paid the state $703,655.

The Connecticut Lottery Corp. took in $8.5 million in online sports bets, earning $555,332, resulting in a $76,358 payment to the state.

The Mashantuckets and Mohegans got an early start on in-person sports betting, taking wagers ahead of the lottery. But they don’t have to pay taxes to the state on that revenue, per Connecticut’s new gaming law. Similarly, the tribes don’t pay taxes on in-person bets on table games.

The lottery grossed $816,828 on $4,180,071 in wagers at its retail sports betting locations, which meant $112,314 for the state.

Source: CT Insider

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