The Connecticut Department of Consumer Protection reported internet casino gross revenue totaling close to $41.5 million for January, an increase of 37.3% compared to the opening month of 2023.
It is the second straight month iGaming operator winnings cleared $40 million, though January’s figure fell well short of December’s record $44.2 million. It was the fifth consecutive month DraftKings and FanDuel — the two licensed platforms in the Nutmeg State — combined to surpass $1 billion handle as the $1.25 billion ranks second all-time as well.
The state was able to levy taxes on nearly $35.3 million in adjusted gross revenue as both operators deducted the maximum 15% allowed in promotional play. The state collected almost $6.4 million in taxes for January, which was nearly $2 million more compared to last year.
DraftKings extends streak of $20 million months to five
DraftKings continues to drive the bulk of the handle in Connecticut and cleared $700 million handle for the third consecutive month. Year-over-year handle increased 31.8% to $713.6 million, while the $3.9 million-plus in promotional credits played represented almost 0.6% of handle.
The 3.3% hold for January was two-tenths of a percentage point higher than 12 months prior, resulting in a 40.1% surge in gross revenue to $23.8 million. DraftKings deducted close to $3.6 million in promotional credits, leaving the state to levy taxes on nearly $20.3 million in adjusted revenue.
January’s figures were slightly down compared to December, with handle down 3.8% despite more than double the promotional outlay. Gross revenue was off 3.7% but still ranked second overall to the $24.7 million DraftKings won to close out 2023.
FanDuel sees year-over-year growth, too
After promotional credits exceeded 1% of handle for just the second time since launching iGaming in October 2021, FanDuel pulled back on the freebies to start 2024. It distributed more than $3.9 million worth of credits to lavished patrons, representing nearly three-quarters of a percentage point of the $529.4 million handle.
That was an all-time high for FanDuel, which crossed $500 million in accepted wagers for the first time in December, and up 38.6% from January 2023. The 3.3% hold led to $17.6 million in gross revenue, up 34.5% from 12 months prior.
FanDuel, however, saw a 9.1% decline in revenue from December as the win rate was nearly four-tenths of a percentage point lower than the all-time high of 3.7% attained. The 15% maximum deduction of promotional play against gross revenue amounted to more than $2.6 million, roughly two-thirds of the outlay, as the state levied taxes on nearly $15 million AGR.
Photo: Getty Images
Tyler Fields is your internet guru, delving into the latest trends, developments, and issues shaping the online world. With a focus on internet culture, cybersecurity, and emerging technologies, Tyler keeps readers informed about the dynamic landscape of the internet and its impact on our digital lives.
