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Connecticut sportsbooks generate $54.6m handle in first month

Sportsbook

The Connecticut sports betting industry was off to a successful start after sportsbooks in the state took in $54.6 million in bets for the first month.

According to numbers released by Governor Ned Lamont’s office, the three mobile sportsbooks in the precinct handled $54.1 million worth of bets in October, while retail venues took in $541,846. The wagers placed via mobile apps accounted for 99% of the total volume.

In terms of hold, the activity generated $3.73 million in taxable revenue for the month, with $3.52 million coming from online betting and $212,705 coming from retail. The state collected $512,951 in taxes from operators, thanks to a 13.75% tax rate.

Commenting on the numbers, Gov. Lamont said: “This first revenue collection for our state reinforces the process and approach by my administration when it came to ensuring our sports betting and iCasino platforms worked seamlessly for consumers.

“We worked tirelessly with our casino and state partners to ensure Connecticut consumers would have positive user experiences across platforms and that is exactly what these results illustrate. We’re off to a great start with this new gaming marketplace and we’re looking forward to years of success.”

The Nutmeg State rolled out retail betting at tribal casinos on September 30, with mobile sportsbooks kicking off a limited seven-day soft launch period on October 12. Statewide mobile betting began on October 19.

FanDuel takes early lead in CT sports betting

The sports betting revenue figures reported by the Connecticut gambling regulator shows that FanDuel Sportsbook handled $27.1 million worth of bets for the period between October 12 and October 31, the highest for any online licensee in the state. The operator held $812,707 of the bets handled, translating to a win rate of 3%. FanDuel is tied to Mohegan Sun Casino in Uncasville.

DraftKings, which partners with the Mashantucket Pequot Tribe-owned Foxwoods Casino Resort, had the second-highest handle at $23.8 million. When it comes to sports betting revenue, however, DraftKings’ hold was way higher than FanDuel’s as the operator won $3.6 million in the month. The figures show a 15.1% win rate.

The Connecticut Lottery and its partner, PlaySugarHouse, generated $498,425 in wins from a $3.8 million betting handle. Some $541,846 of the operator’s handle came from retail bettors.

The Lottery rolled out retail sports betting on October 25.

iGaming handle tops $312m in first month

In addition to online sports betting platforms, Connecticut also allows tribal operators to offer internet casino gaming.

The market launched on the same day as mobile betting, and according to the figures released on Wednesday, the state’s internet gaming handle for the month was $312.9 million. Of the total amount staked at online casinos, licensees retained around $8.8 million, which was later adjusted to $6.6 million after deducting promotional credits.

DraftKings was the top operator in terms of both handle and online casino revenue, winning $4.8 million from a $189.6 million handle. FanDuel and Mohegan Sun accounted for $123.3 million of the iGaming handle and around $4.0 million in revenue.

Online gaming generated $1.2 million in tax revenue for the state’s general fund.

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