In spite of the important role Constantine played in the 4th century and Christianity (e.g., the Peace of the Church; convening the Council of Nicea), there are many Evangelical Protestants who argue that Constantine was never regenerated. Consider the following from Dave Hunt and Matthew Paulson:
When Emperor Constantine supposedly became a Christian in A.D. 313 (really a clever political maneuver), he gave freedom to Christians as well as official status alongside paganism to the Christian church . . . While heading the Christian church, Constantine continued to head the pagan priesthood, to officiate at pagan celebrations, and to endow pagan temples even after he began to build Christian churches. (Dave Hunt, A Woman Rides the Beast: The Roman Catholic Church and the Last Days [Eugene, Oreg.: Harvest House Publishers, 1994], 46)
Arguably, one of Satan’s cleverest and most effective strategies was to delude the Emperor Constantine with a false conversion. Accounts differ, but whether this came about through a vision or a dream as recounted by Eusebius and Lactantius, Constantine saw a “cross” in the sky and heard a “voice” proclaiming (by some accounts the words were inscribed on the cross), “In this sign thou shalt conquer.” In the prior year the god Apollo had also promised him victory . . . How could a true follower of the Christ whose kingdom is not of this world and whose servants do not wage war proceed to wage war in His name, and under the banner of His cross to conquer with the sword? (Dave Hunt, What Love is This? Calvinism’s Misrepresentation of God [Sisters, Oreg.: Loyal Publishing, 2002], 59)
He asked me if I was “born again or Lutheran?” I answered “Born again.” He responded, “You and Emperor Constantine!” and he hung up. Later I found out that Emperor Constantine personally accepted the Arian heresy and put off baptism until his deathbed on the battlefield. These historical events do not seem to be the actions of a born again Christian. (Matthew A. Paulson, Breaking the Mormon Code: A Critique of Mormon Scholarship Regarding Classical Christian Theology and the Book of Mormon [Livermore, Calif.: WingSpan Press, 2006, 2009], 5)