The governor said gaming is off to a great start in Connecticut.
By Hugh McQuaid, CTNewsJunkie.com
Less than a month of newly-legalized sports betting and online gambling in Connecticut generated more than $1.7 million in revenue for the state’s coffers, Gov. Ned Lamont announced this week.
From the soft launch in mid-October through the end of that month, the state recorded about $513,000 in sports betting revenue and $1.2 million from online gambling, all bound for Connecticut’s General Fund.
The number offers the first glimpse of state proceeds from a deal negotiated this year between the Lamont administration and the two federally-recognized tribes that operate casinos in Connecticut, which cleared the way for legalized sports wagering and online casino games.
In a press release, Lamont said the early revenues validated his administration’s efforts to ensure seamless consumer access to the new forms of gambling.
“We worked tirelessly with our casino and state partners to ensure Connecticut consumers would have positive user experiences across platforms and that is exactly what these results illustrate,” Lamont said. “We’re off to a great start with this new gaming marketplace and we’re looking forward to years of success.”
In a press release, Rodney Butler, chairman of the Mashantucket Pequot Tribal Nation, called the early results encouraging evidence of interest for the tribe’s new products.
“We’re proud to deliver new gaming experiences with DraftKings that also drive valuable revenue to the state,” Butler said. “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.”
The Mohegan Tribal Nation has also begun taking sports bets through a partnership with FanDuel, as has the Connecticut Lottery Corporation in an agreement with Rush Street Interactive.
Under the new law, the state receives 13.75% of revenue from sports bets that are made outside tribal lands and 18% of revenue from online casino games until 2026 when the state’s share jumps to 20%.
State fiscal analysts have projected that the combined new revenues could total around $28 million in the first year and could jump to close to $53 million by fiscal year 2026.
Republished with permission from CTNewsJunkie.com, all rights reserved.
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