Connecticut is starting the new year with a lot to be happy about. Revenue is up, which means the state's tax haul improved as well.
On top of that, while the monthly handle fell, it was still above $200 million and as the University of Connecticut becomes a favorite to win the NCAA tournament, the Nutmeg State can expect a boost in action.
The Connecticut Department of Consumer Protection announced $202.6 million in bets in January, a decrease from the $212 million in wagers in December and below November’s $205.5 million.
While the state’s three sportsbooks took less action, they made it count. Gross revenue came in at roughly $24.8 million, well above December’s $21.7 million. The hold percentage hit 12.2%, nearly double November’s 6.3%. Not surprisingly, the tax bill saw a strong increase, charging the operators $2.8 million.
Fanatics still a distant third
In its first full month in Connecticut, Fanatics is realizing why the state’s third operating license was not sought after by other sportsbooks.
Online bets made up more than 95% of all the wagers in Connecticut, and DraftKings ($84 million) and FanDuel ($96.5 million) saw the vast majority of the action. Fanatics Sportsbooks came in at just 6.5% of the statewide handle ($12.6 million).
That being said, if Fanatics is looking for some good news, the book certainly knows that in January it was the only operator whose handle increased month over month (albeit by $1,400). DraftKings’ handle fell by 8.7% and FanDuel came down by 1.6%.
