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After an April slump that saw monthly pre-tax revenue drop around $3 million, Connecticut’s online casinos rebounded in May to post their highest revenue total: $46.2 million.
The May rebound was due, in large part, to the Mashantucket Pequot Tribe’s DraftKings online casino posting a record-breaking win total.
Key takeaways
- Connecticut online casino revenue hit an all-time high in May.
- DraftKings Casino generated its highest revenue total ever.
- FanDuel online casino’s May revenue was its second-highest total ever.
- Connecticut’s iLottery launched in full on July 1.
DraftKings online casino posts record revenue amount in CT
Connecticut has two iGaming operators: the Mashantucket Pequot Tribe (DraftKings online casino, NASDAQ: DKNG) and Mohgan Digital (FanDuel online casinos).
The two operators chose big-name online casino platforms for the state’s iGaming launch last July. That choice paid off, as DraftKings and FanDuel Casino are bringing in a considerable amount of revenue based on Connecticut’s state population.
Of the seven states with active online casino markets, Connecticut is the only state with fewer than five million people that has a per-capita iGaming revenue above $10:
| State | May online casino revenue | Population (according to 2023 Census Bureau data) | Per-capita revenue |
|---|---|---|---|
| Pennsylvania | $216.5 million | 13 million | $16.65 |
| Michigan | $198.6 million | 10 million | $19.86 |
| New Jersey | $192.1 million | 9.3 million | $20.65 |
| Connecticut | $46.2 million | 3.6 million | $12.83 |
| West Virginia | $17.9 million | 1.8 million | $9.94 |
| Delaware | $3.9 million | 1 million | $3.90 |
| Rhode Island | $2.3 million | 1.1 million | $2.09 |
| Average | $112.6 million | 6.5 million | $12.27 |
DraftKings typically outperforms FanDuel (OTCMKTS: PDYPY), and that was the case this past month. DraftKings posted its highest pre-tax revenue on record in May: $25.4 million.
FanDuel tallied its second-highest revenue month at $20.8 million two months after enjoying a record-breaking March 2024 gaming revenue in CT of $21.4 million. Together, the two online casinos combined for an all-time revenue high of $46.2 million in May, up 11.79% over April.
Connecticut casino revenue has been on a steady upward trajectory over the past year:
| Month | Revenue | Month-on-month growth |
|---|---|---|
| May 2024 | $46,241,045 | 11.79% |
| April 2024 | $41,363,979 | -6.22% |
| March 2024 | $44,106,665 | 1.11% |
| February 2024 | $43,622,514 | 5.18% |
| January 2024 | $41,473,154 | -6.03% |
| December 2023 | $44,136,024 | 15.18% |
| November 2023 | $38,320,162 | 5.21% |
| October 2023 | $36,420,933 | -2.98% |
| September 2023 | $37,538,680 | 20.54% |
| August 2023 | $31,141,146 | 10.87% |
| July 2023 | $28,088,286 | N/A |
| Total | $432,452,588 | N/A |
Online gaming options expand with iLottery launch
On July 1, the Connecticut Lottery Corp. announced that its iLottery was fully launched after several weeks of a soft launch with limited operating hours and a cap on new customer sign-ups.
The launch made Connecticut one of only 13 states (and Washington D.C.) to offer a state-run online lottery.
Additionally, iLottery’s debut put Connecticut in a second exclusive group. It is one of only three states to offer an iLottery and online casinos. Michigan and Pennsylvania are the other two.
