Connecticut Internet Casino Revenue Hits Record $46 Million For May
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The Connecticut Department of Consumer Protection reported $46.3 million in gross internet casino revenue for May on Monday, an all-time high in the Nutmeg State.
The de facto duopoly of FanDuel and DraftKings continues to mirror the growth of other states with iGaming. May’s figure topped the previous record of $44.3 million set in March and was the sixth consecutive month over $40 million. It was a 41.3% increase compared to the $32.8 million generated 12 months prior and 11.7% better than the $41.5 million posted for April.
Handle also reached an all-time monthly high of $1.37 billion, the ninth consecutive month the two operators combined to eclipse $1 billion in play. The $6.58 billion in overall drop this year is 32.4% higher than the first five months of 2023.
The state was eligible to levy taxes on $39.4 million in adjusted gross revenue as both operators took the maximum 15% in deductions allowed. It was the second-highest total in state history, within $18,000 of the $39.4 million claimed last December. The state collected $7.1 million in taxes, and the $33.3 million inflow into state coffers this year is $10.2 million ahead of last year’s pace.
Neither operator had an all-time monthly high for revenue in May, though FanDuel had a record drop of $617.2 million. That came with an increase of $1 million in promotional spending to $4.5 million compared to last year, but that was still less than 1% of its total handle as it surged 44.8%.
FanDuel’s $20.8 million in gross revenue was up 43.9% from last year and $584,400 shy of its all-time high of $21.4 million set in March. Overall, it was the second time that the online Leviathan had cleared $20 million in winnings. FanDuel also surpassed $400 million in all-time revenue in Connecticut, with $96.5 million this year, up nearly 40% from the same period last year.
The $753 million drop for DraftKings ranked fourth overall and represented an increase of 28.5% versus May 2023. It also bumped up its promotional outlay above $4 million, but that increase was only 21.1% and accounted for only 0.6% of its total action for the month.
DraftKings surpassed $20 million in revenue for the ninth consecutive month, with the $25.4 million coming within $101,700 of its all-time high established in February. It was 38.7% higher than last year as DraftKings’ 3.4% hold was one-quarter of a percentage point higher in 2024.
Its $120.3 million in year-to-date revenue is up close to 35% year-over-year, and its $102.3 million in AGR is already more than halfway to its 2023 full-year total of $190 million.
