Connecticut sports betting handle plunges in February

Connecticut is the latest state to report a decline in sports betting handle for February.

A report published by the state on Tuesday shows that Connecticuters wagered $115.6 million on sports in February, a decrease of 26.9% from the $158.1 million staked in January. The massive drop can be attributed to a slow sports schedule after the end of the NFL playoffs in mid-February.

The total amount processed by the state’s three online sportsbooks during the month was $108.8 million, indicating a 27.2% decline from January’s $149.4 million internet handle. The Connecticut Lottery reported $6.8 million in wagers from its retail sportsbooks, down from $8.7 million in January.

When it comes to revenue, the three operators combined to post $3.6 million in gross wins for the month, a 56.6% decline from January’s $8.3 million. Online sportsbooks accounted for $3.3 million of the hold, while the total gross revenue generated by the CT Lottery-owned retail sportsbooks was $341,076.

The industry generated $501,516 in tax revenue for the state’s coffers in February, down by 56.1% from the $1.4 million reported in January.

DraftKings still top in Connecticut

The data published by the state also gives insight into how each Connecticut sports betting licensee fared during the month.

DraftKings, which is the sportsbook partner for the Mashantucket Piquet Tribal Nation, retained its lead in the online market albeit by a small margin. The operator’s internet handle for the month tallied $48.9 million, down 33.6% from $73.7 million in January. The sportsbook’s revenue also took a nosedive as the figure dropped from $4.6 million in January to $2.3 million in February.

DraftKings also operates a retail sportsbook at the tribe’s Foxwoods Resort Casino in Ledyard, but the Department of Consumer Protection does not oversee in-person betting at tribal-owned gaming establishments.

The Mohegan Tribe’s sportsbook’s partner, FanDuel, reported $47.3 million in online wagers for the month and $719,248 in gross sports betting wins to claim second place. The operator had posted $62.0 million in handle and $2.4 million in gross wins for January.

Just like DraftKings, FanDuel is also tasked with running an on-site sportsbook at its partner’s casino. The Mohegan Tribe owns Mohegan Sun Casino in Uncasville.

Rush Street Interactive’s PlaySugarHouse Sportsbook came third with $19.5 million in bets for the month, down from $22.4 million in January. $12.6 million of the handle came from online customers while retail betting generated $6.8 million in wagers through the month. The operator’s total gross wins from sports betting in the month ended February tallied $650,325, down from $1.3 million in January.

PlaySugarHouse partners with the CT Lottery for its operations in the Nutmeg State.

iGaming handle also declines month-on-month

Connecticut’s iGaming market also took a hit in February.

The state’s handle from online casinos for the month was $743.9 million, indicating a decrease of 4.6% from $780.1 million in January.

DraftKings was once again the top operator in the iGaming sector after handling $493.6 million worth of wagers for the month, down from $502.5 million in January. The operator’s online casino revenue for the month ended February was $10.3 million.

FanDuel, on the other hand, posted $249.5 million in online wagers, and $6.8 million in gross profits for the month.

The state collected $3.1 million in tax revenue from the iGaming sector in February.

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