One Month of Online Gambling Brings Connecticut $ 1.7 Million in Revenue – We-Ha

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The governor said the game got off to a good start in Connecticut.

By Hugh McQuaid,CTNewsJunkie.com

Less than a month of newly legalized Connecticut sports betting and online gambling has generated more than $ 1.7 million in revenue for state coffers, Governor Ned Lamont said this week.

From the soft launch in mid-October through the end of this month, the state has recorded approximately $ 513,000 in sports betting revenue and $ 1.2 million in online gaming, all earmarked for the General Fund. of Connecticut.

The issue offers a first look at state revenues from an agreement negotiated this year between the Lamont administration and the two federally recognized tribes that operate casinos in Connecticut, which paved the way for the legalization of sports betting and online casino games.

In a press release, Lamont said the early earnings validated his administration’s efforts to ensure seamless consumer access to new forms of gambling.

“We have worked tirelessly with our casino and state partners to ensure Connecticut consumers have positive user experiences across all platforms and that is exactly what these results illustrate,” said Lamont. “We are off to a good start with this new gaming market and look forward to years of success. “

In a press release, Rodney Butler, president of the Mashantucket Pequot Tribal Nation, called the initial results encouraging evidence of interest in the tribe’s new products.

“We are proud to deliver new gaming experiences with DraftKings that also generate valuable revenue for the state,” said Butler. “The engagement sets a promising benchmark and we expect the momentum to build only as more consumers jump into the action and the NFL season culminates in the next few months. month.”

The Mohegan Tribal Nation has also started taking sports betting through a partnership with FanDuel, as has the Connecticut Lottery Corporation through a deal with Rush Street Interactive.

Under the new law, the state receives 13.75% of income from sports betting made outside of tribal lands and 18% of income from online casino games until 2026, when the share of the State will drop to 20%.

State tax analysts predicted that the new combined revenue could total around $ 28 million in the first year and climb to nearly $ 53 million by fiscal 2026.

Republished with permission from CTNewsJunkie.com, all rights reserved.

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