Connecticut has reported consistent sports betting results with the rest of the country for May, showing a decline in amount wagered but favorable results leading to higher revenue.

What was CT handle for May?

Handle was reported at $109.4 million, down 13.6% from April’s figure of $126.7 million. This is also a 5% decrease on April 2022’s handle of $116.5 million. It’s the lowest figure reported since August 2022.

What was Connecticut revenue for May?

On the other hand, revenue trended positively – owing to favorable sports results and vastly improved margins. Revenue was up 13.7% month-on-month, hitting $14.9 million (from $13.1 million) and up 60% year-on-year from $9.5 million in 2022.

How did it break down by operator?

When broken down by operator, the leader in Connecticut remains the Mohegan Digital and FanDuel partnership, generating $7.4 million, or 53.9% of the CT online sports betting revenue.

Next up is Mashantucket Pequot’s partnership with DraftKings, which generated $5.4 million, 39.6% of the revenue share. Lagging behind in third place was CT Lottery Corp’s partnership with SugarHouse, generating under $1 million in revenue and holding just 6.5% market share.

What about igaming in the state?

Away from Connecticut sports betting and igaming reported its second highest monthly GGR in the state, only being topped by March 2023. GGR was recorded at $32.8 million for online gaming in Connecticut during the month of May.

Recently Rhode Island online casino became a reality after the governor signed the legislation into law. Connecticut’s tribal and state harmony in offering sports betting and igaming gives hope for commercial operators who hope to see California sports betting, Texas online casino and Oklahoma sports betting amongst others, in traditionally tribal gaming dominated states.

Revenue from igaming in Connecticut is taxed at a rate of 18%, while revenue from sports betting is taxed at 13.75%. In 2022, the two mediums generated approximately $55.1 million for the state. Money generated from taxation on gambling is deposited straight to the Connecticut General Fund and then redistributed to various state programs depending on where it’s deemed necessary by lawmakers.