Sports betting action jumped 13.1% year-over-year in Connecticut in January.
Behind postseasons for the NFL and college football, the Connecticut Lottery reported a monthly handle of $229.3 million, up from $202.8 million generated in January 2024.
January’s total is also the second-highest amount wagered behind only December 2024’s $243.7 million. Three of the Nutmeg State’s highest handles have come in the last four months.
Gross revenue produced by the three legal online Connecticut sports betting operators and two retail operators reached $22.9 million, an 8.2% year-over-year increase. The adjusted revenue of $22.5 million is also the second-best all-time in Connecticut.
A better run in the NFL playoffs compared to much of the regular season by the sportsbooks helped make up for an abysmal December that produced the second-lowest win rate ever at 5.9%. An 11.7% hold on gross revenue was much improved and led to 87% more revenue than the previous month’s $14.4 million in profits.
Connecticut filled its coffers with $3.1 million in tax revenue, nearly double December’s $1.6 million haul.
FanDuel posts back-to-back $100 million handles
| Operator | January Handle | Revenue |
|---|---|---|
| FanDuel | $100.3 million | $12.6 million |
| DraftKings | $84.3 million | $10.7 million |
| Fanatics Sportsbook | $34.3 million | $2.7 million |
Connecticut’s three online sports betting operators accounted for $218.9 million of the total handle and $25.9 million of the entire gross revenue, a 127% month-over-month increase.
Coming off a record $107.8 million wagered in December, FanDuel took in another $100.3 million in January. The online sportsbook used a healthy 12.5% hold to produce $12.6 million in gross revenue.
DraftKings generated an $84.3 million handle, down over $7 million from the previous month, but an impressive 12.7% hold more than doubled December’s revenue haul to $10.7 million in January.
Fanatics Sportsbook also posted a win rate of over 12% to cash in on a $34.3 million handle. Its $2.7 million in revenue was up $500,000 month-over-month.
Through its partnership with the Connecticut Lottery, Fanatics generated another $888,000 in retail revenue on a $10.1 million handle. A month after reporting an adjusted revenue loss of $32,173 on a handle of $451,567, the XL Center hauled in more than $73,000, thanks to a 24% win rate on a handle of $308,676, in January.
Legislative efforts
Connecticut lawmakers are off to a busy start in 2025 when it comes to gaming bills.
One of the five sports betting proposals wants to legalize wagering on in-state college teams. House Bill 651 was filed last month with the intent of allowing betting on commercial flights that originate or land in Connecticut to help generate more tax revenue for the state. This, however, violates federal laws.
The Nutmeg State has also entered the increasing battle against sweepstakes gaming. SB 1235, filed earlier this month, would make participating in “real or simulated online casino gaming or sports wagering” a Class D felony in Connecticut, which is one of seven states to have legal iGaming.
