Connecticut Sets New Sports Betting Handle Record in December

The Nutmeg State took in the most sports betting wagers ever, but revenue dipped 35.8% year-over-year in the final month of 2024.

Brad Senkiw - News Editorat Covers.com
Brad Senkiw • News Editor
Jan 20, 2025 • 12:23 ET • 4 min read
Photo By - Imagn Images.

Connecticut sportsbooks could not capitalize on a record handle in December 2024. 

The Connecticut Department of Consumer Protection reported that sports betting generated $243.7 million in wagers, surpassing the $229.15 million bet in October 2024 and a 14.5% year-over-year increase.

However, Nutmeg State’s three online and two retail operators accumulated gross revenue of $14.4 million, a 35.8% decrease from December 2023 and down 52.5% from November’s record of $30.3 million. 

A heavy volume of NFL, college football, NBA, and college basketball wagering drew a 6.8% increase in December handle compared to November, another busy month, but the 5.9% hold was the second-lowest win rate recorded in Connecticut, behind only the 4.3% from Feb. 2022. 

December’s hold on adjusted revenue was the third-lowest yet while the $11.8 million haul after taxes and deductions was down 37% year-over-year and 54% month-over-month.   

Connecticut filled its coffers with $1.6 million in tax revenue. 

FanDuel sets mark

Operator December Handle Revenue
FanDuel $107.8 million $6.9 million
DraftKings $90.4 million $5.2 million
Fanatics Sportsbook $34.7 million $2.3 million

FanDuel set a new Nutmeg State record with a monthly handle of $107.8 million. A 6.4% hold led to $6.9 million in gross revenue, nearly half of November’s profits. 

DraftKings generated $90.4 million, under a million dollars less than the previous month, while the win rate fell below 5.75% to produce $5.2 million, a 56% month-over-month decrease. 

Fanatics Sportsbook’s $34.7 million handle is the most the online operator has produced since partnering with Connecticut Lottery in late 2023. A 6.6% hold led to $2.2 million in gross revenue during December. 

Fanatics also generated $10.3 million in retail sports betting wagers and over $404,000 in revenue while the XL Center reported an adjusted revenue loss of $32,173 on a handle of $451,567.     

New yearly records

Connecticut operators went over $2 billion in wagers accepted for the first time in 2024. Legal Connecticut sports betting generated a $2.2 billion handle, up 24% from 2023, while revenue gross revenue also set an all-time yearly high with $224.1 million, the most since sports betting launched in 2022. 

Adjusted revenue reached $187.2 million in 2024 while the average hold for the year was 10.2% on gross revenue and 8.6% after taxes and deductions.     

In 2024, the Nutmeg State received $25.8 million in tax revenue from sports betting, over $6 million more than the previous year.

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Brad Senkiw - Covers
News Editor

Brad has been covering sports betting and iGaming industry news for Covers since 2023. He writes about a wide range of topics, including sportsbook insights, proposed legislation, regulator decision-making, state revenue reports, and online sports betting launches. Brad reported heavily on North Carolina’s legal push for and creation of online sportsbooks, appearing on numerous Tar Heel State radio and TV news shows for his insights.
Before joining Covers, Brad spent over 15 years as a reporter and editor, covering college sports for newspapers and websites while also hosting a radio show for seven years.

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