Connecticut Sports Betting Achieves Record Revenue in November

After achieving a record sports betting handle in October, Connecticut reached a new revenue milestone in November. According to the Connecticut Department of Consumer Protection, the state’s three online sportsbooks and two retail sports wagering sites reported a combined gross revenue of $30.3 million, breaking the previous high of $26.6 million set in September.

Adjusted revenue soared to $25.5 million, marking a 147% increase compared to the same month last year. November’s handle reached $228.2 million, the second-highest recorded in the state after October’s $229.5 million, demonstrating a 10.9% year-over-year increase in betting activity.

Exceptional Hold Rates Drive Record Results

Connecticut’s sportsbooks reported a 13.3% gross hold rate, the second-highest ever recorded in the state. Adjusted revenue yielded an unprecedented 11.2% win rate for operators.

The state also experienced an increase in tax contributions from sports betting. In November, $3.5 million flowed into state coffers, reflecting a significant rise from October’s $2.1 million in tax revenue.

FanDuel led Connecticut’s sports betting market for the second straight month. The operator handled $98.4 million in bets, the highest handle ever achieved by a single online sportsbook in the state. Gross revenue for FanDuel reached $13.1 million in November, setting a new record.

DraftKings followed closely with a $91.2 million handle and over $11.8 million in gross revenue, ed by a 12.9% hold rate.

Fanatics Sportsbook, though smaller in comparison, contributed a $28.4 million handle and $3.9 million in gross revenue. Together, these three operators ed for $218 million of the total $228.2 million handle, highlighting the strong performance of online platforms in the state.

Retail Betting Performance Declines Slightly

Retail sportsbooks in Connecticut saw a dip in performance during November, collectively generating $10.1 million in betting activity, a $700,000 decrease compared to October. Despite the decline, these sites maintained a healthy 15.3% hold on in-person wagers, resulting in $1.6 million in gross revenue.

The Connecticut Lottery’s partnership with Fanatics ed for $9.8 million of retail wagers. At the XL Center, retail operations generated more than $62,000 in revenue on a handle exceeding $372,000.

Connecticut’s November figures illustrate the growing popularity and profitability of sports betting in the state. With record-setting adjusted revenue, hold rates, and significant state tax contributions, the industry’s ongoing expansion remains a focal point for stakeholders.

Source:

”Connecticut sets November sports betting revenue record”, cdcgaming.com, December 19, 2024.