The University of Connecticut trampled the competition in the men’s college basketball tournament and made it to the Final Four in the women’s. We won’t know how much pain the sportsbooks are in until the futures bets are cashed out in April, but March’s success brought bettors back to the sportsbooks.
The Connecticut Department of Consumer Protection announced that the Nutmeg State took in $187.7 million in wagers last month, a 15.3% increase, but still well shy of the $202 million in January.
This was the same story for the operators’ revenue. The state’s three sportsbooks combined for $15.9 million. The 9% hold last month was identical to February and brought in $1.8 million in taxes.
FanDuel revenue jumps as competition gains
In the past 12 months, FanDuel has been the top revenue generator in Connecticut sports betting, leading the field in 11 of those months. In March, FanDuel increased its revenue by a whopping 39% while seeing its handle jump by 12%.
Revenue-wise, the two other operators in the state, DraftKings and Fanatics, saw their revenue decline month over month, however their handle outgrew FanDuel. DraftKings saw a 17% boost in wagers and Fanatics took in 30% more in action.
| Operator | March Handle | Revenue |
|---|---|---|
| FanDuel | $89.2 million | $8.8 million |
| DraftKings | $74.4 million | $5.4 million |
| Fanatics | $16.1 million | $868,000 |
