Connecticut’s Governor Ned Lamont announced Wednesday that expanded gamlbing in the state, which began in mid-October with sports betting and online casino games, has generated $1.7 million in revenue.
The reported amounts up to October 31, limited to less than a month. Online casino gambling brought in $1.2 million and sports betting raised about $513,000. The money will be deposited into the state’s general fund.
Lamont reflected on these numbers and called them a “great start” and said he is “looking forward to years of success”. He also stated that it is expected that gambling revenue will generate $100 million a year for the state over the next four or five years.
Rodney Butler, tribal chairman of the Mashantucket Pequots, who own and operate Foxwoods Resort Casino, said he was encouraged by the early results “showing a clear enthusiasm and interest in online sports betting and gaming in Connecticut”.
“The engagement sets a promising benchmark and we expect the momentum to only build as more consumers get in on the action and the NFL season peaks over the coming months”, he added.
Slot machine revenue at the two casinos, Mohegan Sun and Foxwoods, dwarfed what sports gambling and expanded online games raised. Foxwoods posted $317 million in slot revenue in October and Mohegan Sun saw $44.3 million for the month.
In both casinos, slot revenue rebounded more than 20% from October 2020, when they operated at reduced capacity due to COVID.
The payment due the state is 13.75% of gross gaming revenue for sports betting and 18% for online casino gaming until 2026 when it will increase to 20%.
Retail sports wagering through the Connecticut Lottery began on October 25, though a so-called soft launch with limited online gambling and sports betting began earlier that month.
The two casinos operate sports betting parlors and the Connecticut Lottery Corp. operates gambling retail sites that will eventually grow in number.