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Eventually, the bridesmaid gets tired of not being the bride.
For the first time in Connecticut online casino history, the Mohegan Tribe’s FanDuel Casino brought in more than $20 million in gross revenue. This is a milestone that its competitor, the Mashantucket Pequot Tribe (MPI), has reached for seven consecutive months dating to September.
Additionally, March marked the first time the Mohegan and MPI online casinos tallied more than $20 million in gross revenue in the same month.
Looking at national iGaming trends in March, FanDuel has significantly grown its market share.
20 was the lucky number in March for Connecticut online casinos
This past month, MPI posted $22.7 million in gross revenue through its DraftKings Casino and Mohegan trailed close behind with $21.4 million in revenue, according to the latest data from the Connecticut Lottery.
Aside from it being the first time Mohegan cracked $20 million, March represented the closest gross revenue margin in state history. A mere $1.3 million separated the two operators, a gap that hasn’t been that close since the two operators were around $2 million apart in June 2023.
Here’s a look at how the two operators have performed over the past 12 months:
| Month | Mohegan | MPI | Total |
|---|---|---|---|
| March 2024 | $21,399,355 | $22,707,310 | $44,106,665 |
| February 2024 | $18,094,823 | $25,527,691 | $43,622,514 |
| January 2024 | $17,640,908 | $23,832,246 | $41,473,154 |
| December 2023 | $19,397,370 | $24,738,654 | $44,136,024 |
| November 2023 | $15,381,710 | $22,938,452 | $38,320,162 |
| October 2023 | $14,342,690 | $22,078,243 | $36,420,933 |
| September 2023 | $16,037,423 | $21,501,257 | $37,538,680 |
| August 2023 | $13,903,293 | $17,237,853 | $31,141,146 |
| July 2023 | $12,676,774 | $15,411,512 | $28,088,286 |
| June 2023 | $14,735,155 | $16,731,999 | $31,467,154 |
| May 2023 | $14,465,973 | $18,327,907 | $32,793,880 |
| April 2023 | $13,552,605 | $18,221,949 | $31,774,554 |
While Mohegan posted its best revenue month since Connecticut online casinos launched in April 2023, MPI revenue struggled to keep up with the blazing pace it set in the fall. March’s $22.7 million of revenue was the lowest total since November.
Mohegan’s revenue totals have, on the other hand, shown solid growth since November. The operator’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’s ahead for Connecticut online casinos?
The first three months of the year tend to be good ones for casinos and sportsbooks. However, once April rolls around, revenue for US online casinos tends to drop, and we expect to see the same in Connecticut. Using the state’s 2023 numbers as a guide, revenue will likely struggle through the summer.
Whereas January, February, and March combined revenue topped $40 million, it’s possible we could see that number drop into the mid to high $30 million range from April to August.
