Connecticut continued to flex its sports betting growth in 2024 with another big year-over-year jump in July.
The Connecticut Department of Consumer Protection reported a handle of $121.8 million, up 33% from July 2023. The amount wagered in the Nutmeg State jumped 62% year-over-year in June and 49% in May.
The latest report revealed gross revenue of $15.1 million in July, up 42% from the same month in 2023, and a hold of 12.4%. Adjusted revenue topped $12.7 million with a 10.4% hold.
The summer slowdown, however, did decrease the amount wagered, down 18% from June. Thanks to that high win rate, revenue rose about 2% month-over-month to offset the lack of heavy basketball or football action. The WNBA took half of the month off for the Olympics.
Connecticut sports betting operators handed out more than $3 million in promotional credits in July.
The Nutmeg State filled its coffers with $1.7 million of tax revenue, running its year-to-date total above $13.8 million.
Online holds hold high
Connecticut’s three online sportsbooks combined to generate $116.4 million in wagers and nearly $14.6 million in revenue on a mobile hold of 12.5%.
DraftKings just edged rival FanDuel with a handle of $52.8 million to take the top spot for the second consecutive month. FanDuel, which hauled in $49 million in wagers, produced an online-leading 14.7% hold while DraftKings had a win rate of just under 11%.
This helped FanDuel take the state lead with $7.2 million in revenue, besting DraftKings’ $5.8 million profit.
While those two saw significant month-over-month drops in action, Fanatics equaled its June handle with $14.6 million of wagers in July. The third online operator hauled in $1.6 million in revenue, up from $1.2 million in the previous month.
| Operator | July Handle | Revenue |
|---|---|---|
| DraftKings | $52.8 million | $5.8 million |
| FanDuel | $49 million | $7.2 million |
| Fanatics | $14.6 million | $1.6 million |
Retail produces double-digit holds
Connecticut’s two retail operators saw their handle fall from $6.7 million in June to $5.4 million in July, but the total amount wagered in 2024 surpassed $50 million. The combined hold was 10% for the month.
The Connecticut Lottery’s retail sportsbook, run by Fanatics, produced $526,000 in revenue on a handle of $5.3 million. The retail sportsbook has hauled in more than $50 million in wagers year-to-date.
The XL Center’s 10% win rate gave the retailer a little over $17,000 of profit on a $172,000 handle.
