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. Connecticut legal 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.
