The state of Connecticut is planning on launching sports betting by the end of 2021, with hopes of launching even earlier than that. This week, the third and final online sports betting operator was named, and this time it was a partnership of the Connecticut Lottery.
Rush Street Interactive has been chosen as the Connecticut Lottery partner, and that will allow it to launch an online sportsbook in the state. Rush Street is the parent company that offers sports betting through platforms such as BetRivers and SugarHouse Sportsbook.
These two companies were able to agree to a 10-year deal that will have Rush Street paying the state of Connecticut a minimum of $170 million during that time. If the online sportsbook performs better than the initial agreement would suggest then, more money would be given to the state.
The state of Connecticut is still working to finalize the sports betting rules and regulations that will be used, but there is hope that will happen soon. Rush Street will have enough time to get things in place for the launch and should be ready to go on the first day that sports betting is offered.
Rush Street Posting Big Numbers
The new partnership with the Connecticut Lottery was the biggest news of the week for Rush Street, but it wasn’t the only noteworthy announcement. This company also shared the second-quarter earnings report, and it’s clear that this company is trending in the right direction.
This company made nearly $123 million in revenue during the second quarter of 2021, which was an increase of 89% from the second-quarter total in 2020. The COVID-19 pandemic affected the 2020 numbers, but this was still an impressive few months for Rush Street.
Rush Street has also done a great job of acquiring new customers as the year-over-year increase was 128%.
Top Competitors in the State
While teaming up with the Connecticut Lottery is a major win for Rush Street, this doesn’t mean that it will become the top sports betting option in the state. Both DraftKings and FanDuel have already gained market access, and those are two of the US sports betting leaders.
DraftKings has partnered with the Mashantucket Pequot Tribe to offer sports betting in the state, and this company has seen major growth since 2018. The Mohegan Tribe has selected FanDuel as its sports betting partner, as sports betting will be available at the Mohegan Sun.
Sportech Wil Have a Role
Retail sports betting will also be available at 15 other locations throughout the state, but one company is set to monopolize that form of betting. Sportech has reached an agreement with the Connecticut Lottery to provide retail betting at 10 of the 15 OTB locations.
Sportech has already been working with the state of Connecticut to provide OTB services, and this was an easy choice for the lottery. Online betting is expected to be the most popular way to bet on sports in the state, but there will be some action at these locations powered by Sportech.
