Sports betting revenue increased 45.7% year-over-year in Connecticut during a more profitable Super Bowl month.
The Connecticut Lottery reported that three legal online sportsbooks and two retail operators hauled in $20.4 million in February, thanks to a 12.1% hold that increased significantly from the previous year’s 8.6% win rate.
Behind Super Bowl LIX between the Philadelphia Eagles and Kansas City Chiefs, the $169.4 million handle generated in February was up 4% from the same month in 2024. Wagering dollars also jumped 24% higher than in February 2023, showing the growth of sports betting in the Nutmeg State.
With only one football game in February, operators felt a 26% month-over-month handle decrease. Revenue also fell 23% from January but the February hold was higher.
Connecticut filled its coffers with $2.3 million in tax revenue. That’s down from January’s $3.1 million.
FanDuel handle falls off
| Operator | February Handle | Revenue |
|---|---|---|
| FanDuel | $69.4 million | $9.5 million |
| DraftKings | $62.4 million | $7.4 million |
| Fanatics Sportsbook | $30.4 million | $3.1 million |
Connecticut’s three online sports betting operators accounted for $162.2 million of the total handle and $20 million of the gross revenue, which was down month-over-month for two of the three operators.
Following back-to-back $100 million monthly handles, FanDuel took a step back with $69.4 million in wagers during February. The online sportsbook used an impressive 13.7% hold to generate $9.5 million in gross profits.
DraftKings wasn’t far behind in handle with $62.4 million wagered for the month, and an 11.9% win rate led to $7.4 million in revenue.
Fanatics Sportsbook saw month-over-month profits increase from $2.7 million in January to $3.1 million in February. The operator produced a $30.4 million online handle, down $4 million from the previous month.
Through its partnership with the Connecticut Lottery, Fanatics generated another $346,000 in retail revenue on a $6.9 million handle. The XL Center generated nearly $295,000 in brick-and-mortar wagers.
Let the Madness begin
March Madness gives Nutmeg State residents the rare opportunity to bet on in-state teams. Connecticut’s gaming laws prohibit sportsbooks from offering betting markets on college teams that play in the state unless they’re in a tournament.
That means bettors can wager on the UConn women's team, which is tied with South Carolina as the favorite to win the NCAA championship at Caesars Sportsbook, and the Huskies men’s team, which is a 4.5-point favorite against Oklahoma on Friday night.
In March 2024, more than $187 million was wagered in Connecticut, making it the most-bet non-football month of the year. The Nutmeg State’s operators hauled in $16.5 million during the basketball-heavy month and another $18.1 million in April as UConn went on to win the men’s championship for the second consecutive year.
