Small, but mighty.
That’s the Connecticut sports betting market. Despite being one of the smallest states in the U.S., the Nutmeg State still touted a $1.762 billion handle in 2023. So far through 2024, sports betting in Connecticut is well ahead of that billion-dollar pace.
The Connecticut Department of Consumer Protection reported a statewide betting handle of $163.6 million for May, which is a 49.6% year-over-year increase from May 2023. This puts the total Connecticut sports betting handle at $873.8 million year-to-date, which is a 24.8% rise from the same period last year.
May’s handle is actually the 10th best handle in the state over the last 32 months of reporting, and it’s the third-highest in calendar year 2024. Connecticut sports betting operators generated $17.1 million in revenue from May’s metrics, good for a 10.5% hold.
Connecticut sportsbooks bagged their lowest handle of 2024 in April, so May’s tallies showed a step in the right direction with a 4.4% month-over-month boost in handle and 5.7% month-over-month jump in revenue.
State coffers pocketed $1.97 million in tax income as well, which brings the year-to-date tax contribution from sports betting in Connecticut to more than $10.4 million.
Online sports betting in Connecticut
The small-but-mighty moniker applies to the amount of options bettors have in the Nutmeg State, too. There are only three online sportsbooks in Connecticut, but that trio churned $16.16 million in revenue from a $155.55 million total online handle in May thanks to a 10.39% hold.
FanDuel and DraftKings accounted for $136.73 million of that online handle in May, representing nearly 88% of all Connecticut online sports betting activity last month.
Fanatics is the other online option in CT, taking over PlaySugarHouse’s spot in December. The newcomer booked an $18.82 million handle, which is almost a 33% month-over-month increase.
| Operator | May Handle | Revenue |
|---|---|---|
| FanDuel | $69 million | $8.6 million |
| DraftKings | $67.73 million | $6.41 million |
| Fanatics | $18.82 million | $1.14 million |
FanDuel is far ahead of the pack in year-to-date metrics. The top online sportsbook in the country by market share is flexing its muscles in the Connecticut sports betting landscape with $405.8 million in handle and $46.5 million in revenue already in 2024. DraftKings is no slouch with a $353.51 million YTD handle and $34.46 million YTD revenue, though.
Fanatics looks to be a couple of months away from breaking the $100 million YTD handle mark. It’s currently sitting at a little less than $75 million, potting $5.54 million in YTD revenue.
Retail sportsbooks in Connecticut
There are just two operators of Connecticut retail sportsbooks that collected $8.1 million in bets in May and generated just north of $990,600 in revenue.
Fanatics and the Connecticut Lottery are cashing in on their retail partnership, seeing $7.84 million of that total retail handle last month. A total $38.77 million in wagers has been gambled through this Connecticut retail sportsbook so far in 2024, earning the operator $3.91 million in year-to-date revenue.
Although the handle at the XL Center was a paltry $258,270, more than $54,000 in revenue came from that wagering activity which is good for a more than 20% win rate for the house.
