Connecticut’s February Online Casino Revenue Surges To $43.7M

The Connecticut Department of Consumer Protection reported gross internet casino revenue of $43.7 million for February, a surprising month-over-month uptick that was the second-highest total in Nutmeg State history.

February’s revenue for online casino gaming was 5.3% higher than January’s haul of $41.5 million despite two fewer days in the month. The $1.27 billion handle also beat out the previous month by $19.5 million, marking the fourth straight month wagers topped $1.2 billion.

The $43.7 million in gross winnings ranks behind only last December’s $44.2 million. The 3.44% statewide hold for operators matched December’s as the highest recorded in 29 months of online casino action and marked the seventh consecutive month above 3%. Year-over-year revenue surged 50.2% compared to the $29.1 million generated in February 2023.

The state was eligible to tax $37.2 million in adjusted gross revenue as FanDuel and DraftKings both took their maximum allotted 15% deductions for promotional spend, which came to a combined $6.6 million. The state received $6.7 million in tax revenue, and the $13 million generated in the first two months is $4.5 million ahead of last year’s pace.

DraftKings sets all-time gross revenue high

Much of the surge in revenue can be attributed to DraftKings, whose 3.7% hold on $689.8 million handle resulted in a state-record $25.5 million in gross revenue. The win rate was an all-time high for DraftKings, easily outpacing its previous best of 3.3% in December.

Gross revenue increased 52.8% compared to February 2023, with this year’s hold nearly two-thirds of a percentage point higher. Handle improved 26.4% versus 12 months prior, and DraftKings’ $3.8 million in free credits amounted to less than 0.6% of its handle, in line with January and a lower percentage compared to last February.

FanDuel posted a record handle of $572.6 million for the month, the fourth consecutive with an all-time high for action. February’s wagering was 22.4% higher than the $467.7 million last September that started the record run of handles and was 43.9% higher year-over-year.

The online gaming titan claimed $18.1 million in gross revenue, posting a 3.2% hold as winnings were up 46.6% when stacked against February 2023. It was the second-highest monthly revenue total for FanDuel, slotting behind the $19.4 million to close out last year. FanDuel’s $3.6 million in promotional bonuses and credits accounted for close to two-thirds of a percentage point of all wagering.

Photo: Getty Images