Connecticut Online Casino Revenue Surges Past $46 Million In Record May

After an April slump that saw monthly pre-tax revenue drop around $3 million, Connecticut’s online casinos rebounded in May to post their highest revenue total: $46.2 million.

The May rebound was due, in large part, to the Mashantucket Pequot Tribe’s DraftKings online casino posting a record-breaking win total.

Key takeaways

  • Connecticut online casino revenue hit an all-time high in May.
  • DraftKings Casino generated its highest revenue total ever.
  • FanDuel online casino’s May revenue was its second-highest total ever.
  • Connecticut’s iLottery launched in full on July 1.

DraftKings online casino posts record revenue amount in CT

Connecticut has two iGaming operators: the Mashantucket Pequot Tribe (DraftKings online casino, NASDAQ: DKNG) and Mohgan Digital (FanDuel online casinos).

The two operators chose big-name online casino platforms for the state’s iGaming launch last July. That choice paid off, as DraftKings and FanDuel Casino are bringing in a considerable amount of revenue based on Connecticut’s state population.

Of the seven states with active online casino markets, Connecticut is the only state with fewer than five million people that has a per-capita iGaming revenue above $10:

State May online casino revenue Population (according to 2023 Census Bureau data) Per-capita revenue
Pennsylvania $216.5 million 13 million $16.65
Michigan $198.6 million 10 million $19.86
New Jersey $192.1 million 9.3 million $20.65
Connecticut $46.2 million 3.6 million $12.83
West Virginia $17.9 million 1.8 million $9.94
Delaware $3.9 million 1 million $3.90
Rhode Island $2.3 million 1.1 million $2.09
Average $112.6 million 6.5 million $12.27

DraftKings typically outperforms FanDuel (OTCMKTS: PDYPY), and that was the case this past month. DraftKings posted its highest pre-tax revenue on record in May: $25.4 million.

FanDuel tallied its second-highest revenue month at $20.8 million two months after enjoying a record-breaking March 2024 gaming revenue in CT of $21.4 million. Together, the two online casinos combined for an all-time revenue high of $46.2 million in May, up 11.79% over April.

Connecticut casino revenue has been on a steady upward trajectory over the past year:

Month Revenue Month-on-month growth
May 2024 $46,241,045 11.79%
April 2024 $41,363,979 -6.22%
March 2024 $44,106,665 1.11%
February 2024 $43,622,514 5.18%
January 2024 $41,473,154 -6.03%
December 2023 $44,136,024 15.18%
November 2023 $38,320,162 5.21%
October 2023 $36,420,933 -2.98%
September 2023 $37,538,680 20.54%
August 2023 $31,141,146 10.87%
July 2023 $28,088,286 N/A
Total $432,452,588 N/A

Online gaming options expand with iLottery launch

On July 1, the Connecticut Lottery Corp. announced that its iLottery was fully launched after several weeks of a soft launch with limited operating hours and a cap on new customer sign-ups.

The launch made Connecticut one of only 13 states (and Washington D.C.) to offer a state-run online lottery.

Additionally, iLottery’s debut put Connecticut in a second exclusive group. It is one of only three states to offer an iLottery and online casinos. Michigan and Pennsylvania are the other two.

We’re hosting $8 Million Mystery Bounty and $2 Million PLO Venom Tourneys in August

What a ride it’s been. Just this spring, we raised the bar with our largest Venom tournament to date, which had a whopping $12.5 million guaranteed prize pool. It was a massive success, with the final prize pool exceeding the guarantee as players went head-to-head for some life-changing cash.

But why stop there? We’re at it again, bringing you even more action-packed poker this August with a couple of twists on the Venom.

We’ve got two action-packed Venom tourneys to choose from, an $8 Million GTD Mystery Bounty, which is a No Limit Hold’em event, and a $2 Million GTD PLO.  These are the first-ever Mystery Bounty and PLO versions of the Venom.

Both tournaments are running in parallel starting Sunday, August 4th and ending Tuesday, August 20th with the same five Day 1 options.  While both events cost $2,650 to enter, you can win your seat for as little as $0.  We’re awarding almost 900 seats to the Mystery Bounty Venom through Beast Satellites, Venom Madness Satellites, Mega Satellites, and Direct Satellites plus 100 seats to the PLO Venom through Direct Satellites and Mega Satellites.

The $8 Million GTD Mystery Bounty Venom is the biggest Mystery Bounty tourney in our history and it has a huge $500,000 top bounty and a minimum bounty of $5,000. The $2 Million PLO Venom is our biggest Pot Limit Omaha tournament to date and will have an estimated top prize of $400,000.

Both tournaments give you the option to play multiple Day 1’s and build a bigger stack for Day 2. And if you make it to Day 2 in the Mystery Bounty, you’ll already be in the money!

Check out the full schedule and start planning your summer:

For everything else you need to know, visit the promo page here.