CT Online Casinos on Pace to Gross $210 Million in First Year

Data from the Connecticut Department of Consumer Protection (CDCP) suggest CT sports betting handle could total nearly $1.4 billion by year’s end.
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By
July 21, 2022

Online casinos in Connecticut, which just turned nine months old, are on pace to total more than $210 million in their first calendar year of existence, according to data provided by the Connecticut Department of Consumer Protection (CDCP).

CDCP data also shows that handle from online sports betting in CT is on pace to total nearly $1.4 billion in 2022 — although the eventual total will likely be higher once wagering from college and professional football are factored into the mix.

For that matter, online casino revenue could also breeze past $211 million after the two operators in the state — DraftKings Casino and FanDuel Casino — launched live dealer games with Evolution Gaming earlier this month.

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DraftKings Casino CT Grabbed Record Share of Market in June

CT online casino revenue totaled $16.3 million in June, a 1.6% decline from May, which totaled $16.6 million. It was the lowest month for revenue since November 2021 ($13.9 million).

DraftKings Casino held its lead in the vertical with $9.8 million in revenue in June, up 4.7% from May ($9.4 million). The operator also grabbed a record 60.1% market share in June.

Meanwhile, archrival FanDuel Casino grossed $6.5 million in June, which marked a 9.6% month-over-month decline ($7.2 million). June was FanDuel’s lowest month for online casino revenue since November 2021 ($5.9 million).

DraftKings operates under the land-based casino license of Foxwoods Resort Casino, which is owned and operated by the Mashantucket Pequot Tribe. FanDuel’s partner is the Mohegan Sun Casino and its owner/operator, the Mohegan Tribe.

On-reservation casino revenue for the Mohegan Tribe totaled $37k in June, compared to $31k in Mary. The Mashantucket Pequot Tribe lost money from on-reservation action in the vertical.

CDCP data show DraftKings’ and FanDuel’s online casino revenue totaled $105.5 million during the first six months of 2022. DraftKings averaged $10 million per month, while the FanDuel monthly average was $7.5 million.

At those rates, DraftKings is projected to gross $121.2 million in online casino revenue for 2022, while FanDuel is on pace to make $89.8 million. The total for the year is projected to exceed $211 million.

All Three Online Sportsbooks See Double-Digit Decline in Handle

Handle in online sports betting in CT — where DraftKings and FanDuel compete with SugarHouse, a brand of Rush Street Interactive (RSI) — hit $88.9 million in June, a 17.5% decrease from May ($107.8 million). The decline in June was expected since it coincides with one of the slowest periods for sports wagering.

DraftKings Sportsbook handled $41.1 million in sports wagers in June while FanDuel Sportsbook accepted $38.8 million in bets. SugarHouse Sportsbook — whose partner is the Connecticut Lottery Corporation (CLC) — took $9 million in sports bets.

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All three online sportsbooks saw month-over-month declines in the double digits. DraftKings was off 19% from May ($50.7 million) while FanDuel was off pace by 18% ($47.3 million), and SugarHouse was down 7.9% ($9.8 million).

June was the second-lowest month on record for the overall handle and for DraftKings and FanDuel. October 2021, the month the markets launched, was lower for all three operators. For SugarHouse, June 2022 was its lowest month for handle since November 2021, when it totaled $8.5 million.

Handle at DraftKings has so far averaged $54.2 million per month in 2022, suggesting it could total around $650 million by year’s end. FanDuel averaged $49.9 million, and SugarHouse averaged $12 million — at those rates, FanDuel could reach a $597.8 million handle in 2022 while SugarHouse could see $144.4 million.

Based on CDCP data, the total handle is projected to reach $1.4 billion for the entire year 2022.

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