Connecticut ended 2023 on a high note, seeing a record high in handle and an impressive tax haul.
The Connecticut Department of Consumer Protection reported $212 million in wagers last month, a slight increase from the $205.5 million in November. While Connecticuters bet more in December, their bad luck was a boom to the sportsbooks.
The operators improved their hold percentage from 6.3% to roughly 10.2%. Their unadjusted revenue exploded from $12 million to $21.7 million. The tax bill nearly doubled from $1.4 million to nearly $2.5 million.
All of the growth came on the online side. Retail sports betting declined in December from $13.1 to $9.3 million. The tax bill, however, increased from $69,000 to $94,000.
Welcome, Fanatics Sportsbook
Fanatics Sportsbook replaced SugarHouse as Connecticut’s third and final operator on Dec. 18.
Despite only competing against DraftKings and FanDuel for market share, things will not be easy for Fanatics to make an impact. FanDuel led all operators with $98.1 million in bets while DraftKings reported $92 million. SugarHouse/Fanatics was a distant third with $12.6 million, just 6% of the statewide handle.
When it came to their respective tax bills, FanDuel paid the state $1.3 million and DraftKings contributed just over $1 million. Both are all-time highs in the Nutmeg State.
