While Connecticut lags behind its fellow states in sports betting wagers, in November, it showed that it's still growing.
The Connecticut Department of Consumer Protection announced $205.5 million in bets last month, a roughly 8.5% increase from the $189.4 million in October. The online operators saw 93% of all statewide bets made, unchanged from October.
While the state saw more wagers, those bettors improved their luck significantly. The hold percentage dropped significantly from 11.5% to 6.3%. That means the revenue from the sportsbooks, and the subsequent tax bill, declined month over month.
Sportsbooks paid roughly $1.4 million to Connecticut last month, below the $1.9 million from October.
Last month for SugarHouse
Connecticut sports betting has three online options and, in December, while the number of operators will stay the same, one will be different. SugarHouse was replaced by Fanatics Sportsbook on Dec. 18.
But Fanatics will have a significant uphill battle in front of them since DraftKings and FanDuel dominate the market share in the Nutmeg State. Usually each of these two online giants see a handle that is three to seven times higher than SugarHouse.
In November, after two months in second place, FanDuel moved ahead of DraftKings in wagers. The book saw $90.4 million in bets compared to DraftKings’ $89.3 million. SugarHouse was again a distant third with $12.7 million.
