Author: Joe Kizlauskas
Last Updated: 20th August 2021
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.
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.
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.