Connecticut saw another increase in legal sports betting figures, according to data released by the Connecticut Department of Consumer Protection last week.
The state's three regulated operators generated $164.2 million in handle in October, up 25.8% from Connecticut's September handle of $130.5 million — and more than double August's total of just over $80 million in wagers.
While the amount wagered took another big jump, the revenue was not quite as bountiful. The hold percentage for the online sports betting sites decreased from 13.3% last month to just 9.6% in October, with retail betting posting a win rate of just 10.6% (down from 15.9% in September) as the total revenue for the sportsbooks increased by just 2.6% month-over-month.
DraftKings again led the way in October, taking in $73.4 million in wagers, but posted a hold of just 7.6% as its revenue dropped 22.3% to $5.6 million. FanDuel was second with a handle of $66.3 million, but reported $8.1 million in revenue.
SugarHouse, which offers mobile betting but is also the sole provider of retail sports betting in the state (via the Connecticut Lottery) was a distant third with $13.7 million in online wagers... but also chipped in $10.9 million in retail handle — the first time ever Connecticut topped the $10 million retail threshold — and posted $2.2 million in total revenue.
Low hold means little change in tax revenue
Despite the massive MoM surge in sports betting revenue, the total taxes paid to the state actually declined.
Connecticut has a 13.75% tax on sports-betting revenue, and after accounting for the federal excise tax and deductions on promotional offers, about $1.74 million was paid to the state by operators in October — a slight decline from the $1.78 million paid in September.
Connecticut’s sports betting tax goes to the state’s general fund.
