Despite the Nutmeg State boasting strong legal sports betting figures to begin the year, February failed to keep the momentum going.
The Connecticut Department of Consumer Protection has announced that the state’s sports betting handle fell 18.7% last month. After attracting $167.7 million the previous month, February saw Connecticut take in just $136.5 million in wagers.
After paying out winners, the gross gaming revenue for both retail shops and online sports betting sites came in at just $8.55 million — a stark drop from January’s $14 million.
The win rate was 6.2%, which is good news for Connecticut bettors as January saw sportsbooks keeping only 8.3% of all wagers.
Taxwise, the state’s general fund took a hit as well. A measly $1.17 million was earned for the Constitution State coffers, marking a 42% month-over-month decline.
DraftKings remains on top
Sports betting in Connecticut features a trio of online operators, consisting of DraftKings, FanDuel, and SugarHouse.
Once more, DraftKings lead the state in handle with $57.6 million (42.2% market share). Meanwhile, FanDuel tightened the lead and was just $490,000 shy of the top spot ($57.1 million handle, 41.8% market share). SugarHouse stayed a distant 3rd with a $13.3 million handle (16% market share).
With the football season coming to an end, so too was the robust handle and revenue that came along with it.
All three operators saw their numbers fall to summertime levels. FanDuel and its 11.3% win rate still led the state in GGR with $4.8 million, versus DraftKings’ $2.5 million (6.6% win rate) and SugarHouse's $504,256 (5.3% win rate).
The online betting market also received the vast majority of the state’s handle, with $128.2 million coming via the internet compared to just $8.29 million in retail.
