NEW HAVEN, Conn., Aug. 19, 2021 /PRNewswire/ -- Based on expert revenue analysis, CTSharp.com projects that Connecticut online sports betting and online casinos could reach $418 million in annual combined revenue, once the market matures.
In May of 2021, Governor Ned Lamont signed a bill legalizing online sports betting and casino gaming in the Constitution State. Connecticut sports betting is inching closer to becoming a reality. FanDuel has partnered with Mohegan Gaming while DraftKings has a deal with the Mashantucket Pequot Tribe, which operates Foxwoods Casinos in the state. The Connecticut Lottery selected Rush Street Interactive as its sports betting and online gaming partner.
Connecticut's online sports betting and iGaming law stipulates an 18% tax rate for the first five years of operations. After five years, the rate hikes to 20%. CTSharp projects that, at full maturity, online casinos can bring in $330 million in annual operator revenue, with online sports betting adding another $88 million per year.
Geoff Fisk, Revenue Analyst at i15 Media, said: "Our CTSharp revenue projections show just how valuable online casinos and sports betting platforms can be to a state when launched together. Connecticut, though smaller than many of its neighboring markets, could get a headstart with both channels live."
Connecticut's sports betting legislation brings the state to a competitive region. Nearby New Jersey and Pennsylvania are already live, while New York, Maryland, and Massachusetts are all in the legislative or regulatory process, with launches expected in the next 6-12 months.
CTSharp.com reached the $418 million projection through careful analysis of other legal markets and by comparing states with similar populations.
Fisk continued: "Connecticut sports betting is on the fast track to becoming a leader in sports betting and iGaming. We're excited to see how the market shapes up."
Contact: Cole Rush, PR Lead, Cole.Rush@i15Media.com
About CTSharp.com:
CTSharp.com provides objective, comprehensive guides to legal online gambling options in Connecticut.
The content we publish is all original, created by our experienced team of writers, researchers, and sports betting experts.
SOURCE CTSharp.com
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