Connecticut Eyes $418m Potential Through Sports Betting And Igaming

In Connecticut, online sports betting and igaming have the potential to generate $418 million in annual revenue, according to analysts, who believe the pair will be “valuable” to the state when they begin.

Connecticut law mandates a 18 percent tax rate for the first five years of operation, rising to 20 percent after that.

CTSharp estimates that when online casinos reach full maturity, they will generate $330 million in annual operator revenue, with online sports betting bringing in another $88 million.

Governor Ned Lamont passed a measure legalising online sports betting and casino gaming in the Constitution State in May of 2021, sparking a lot of interest in both.

Recent agreements

DraftKings praised a “landmark” agreement with the Mashantucket Pequot Tribe, which operates the state’s Foxwoods Casino, for online sports betting access in December 2020.

Last month, FanDuel announced a partnership with Mohegan Gaming and Entertainment to offer retail and online sports betting, as well as igaming and daily fantasy sports.

Additionally, earlier this month, Rush Street Interactive announced a sports betting and online gaming arrangement with the Connecticut Lottery Corporation.

Combined launch

i15 Media’s revenue analyst, Geoff Fisk, said: “Our CTSharp revenue projections show just how valuable online casinos and sports betting platforms can be to a state when launched together. Connecticut, though smaller than many of its neighbouring markets, could get a head start with both channels live.”

Connecticut’s sports betting law puts the state in a competitive position. New Jersey and Pennsylvania are currently operational, while New York, Maryland, and Massachusetts are all in the legislative or regulatory process, with launches planned in the next 6 to 12 months.

“Connecticut sports betting is on the fast track to becoming a leader in sports betting and igaming. We’re excited to see how the market shapes up,” Fisk added.

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About Joe Kizlauskas

Joe is a seasoned iGaming copywriter and speaker who has been in the business since 2015. He's written more words on all elements of iGaming than he likes to remember, and he's contributed material to a number of well-known brands. Joe may be seen playing 5 a side, at the gym or playing games on his Playstation when he is not writing.