Sportsbooks in Connecticut have now touted a double-digit hold five out of the eight months of 2024 after the Connecticut Department of Consumer Protection reported August’s wagering activity figures.
Total handle grew 6% month-over-month to $129.2 million and Connecticut’s sports betting operators generated $13.66 million from that haul, good for a 10.6% hold. State coffers benefitted from $1.58 million in tax contributions.
Despite having only three online sportsbooks in Connecticut, the overall wagering market is growing on an annual basis with handle increasing 41.4% and revenue improving 47.9% year-over-year, respectively.
The Connecticut sports betting market has also taken in 30.7% more bets year-to-date than the same time last year, finishing the first eight months of 2024 with a $1.27 billion handle. Operators have pocketed 32% more YTD revenue than they did through August 2023 as well despite dropping 13.86% month-over-month after fleecing the public with a 13% hold in July.
Best online sportsbooks in Connecticut
There are only three online sportsbooks in Connecticut, but they are three of the best online sports betting brands in the industry. Out of the $123.24 million online handle, DraftKings and FanDuel accounted for $106.27 million in combined wagers, good for 86.2%. The two top dogs also hauled in 86.2% of the total online revenue tally of $12.77 million as well, combining for $11.01 million.
Fanatics posted its second consecutive month of a 10-plus percent win rate though, garnering $1.76 million in revenue from its $16.97 million handle.
DraftKings narrowly beat out FanDuel for the highest handle, finishing with $53.28 million to its rival’s $52.99 million, but FanDuel won the day in the revenue column thanks to its 11.67% hold earning it $6.19 million while DraftKings mustered $4.82 million.
This is a trend between these competitors in Connecticut since both have managed $2.089 billion handles year-to-date, but FanDuel is far outpacing DraftKings in the revenue column $227.51 million to $183.8 million.
August also marked the sixth straight month FanDuel accomplished a 10-plus percent win rate in the Connecticut sports betting market.
| Operator | August Handle | Revenue |
|---|---|---|
| DraftKings | $53.28 million | $4.82 million |
| FanDuel | $52.99 million | $6.19 million |
| Fanatics | $16.97 million | $1.76 million |
Retail sports betting in Connecticut
Connecticut’s retail sportsbooks enjoyed a 15.49% hold in August, producing $915,200 in revenue on $5.91 million in total wagers.
The Connecticut Lottery handled the lion’s share of all retail sports betting in Connecticut last month, taking in $5.72 million in bets and cashing out $884,900 in revenue.
The location at the XL Center only collected $188,700 in wagers and pocketed $30,300 in revenue from that minimal action.
