Sports Betting
In August, Connecticut sportsbooks combined for a 10.6% hold
Zach Wolpin is an NBA and NFL expert who's been betting on the league for over three years now. Wolpin is a fan of the NFL and NBA and has been watching for a decade and a half. He covers the latest news and stories surrounding the league daily. His passion in life is sports and being able to share that through his writing. He has written about the NBA and other sports leagues through various media outlets over the years like Sir Charles In Charge, G-Men HQ, and TAP into South Plainfield. Before he became a Sports Editor, Wolpin attended Montclair State University where he graduated in 2021. He studied Sports Media and Writing while in school.
Get to know Zach Wolpin betterPublished19 Sep 2024
Recently, the Connecticut Department of Consumer Protection reported August’s wagering activity figures. In the first eight months of 2024, Connecticut sportsbooks have had a double-digit hold five times. Sportsbooks saw their total handle grow a combined 6% month-over-month to $129.2 million.
Sports betting operators in the state generated $13.66 million in revenue from a 10.6% hold. State coffers collected $1.58 million in tax contributions. Even with only three online sportsbooks in Connecticut, their wagering market continues to grow on an annual basis. Their betting handle has increased by 41.4% and their revenue by 47.9% year-over-year.
Compared to their figures in 2023, the Connecticut sports betting market has taken in 30.7% more bets. In the first eight months of 2024, they’ve finished with a $1.27 billion handle. Additionally, operators have pocketed 32% more year-to-date revenue despite 13.86% month-over-month.
What Connecticut sportsbook was the most profitable in August?
Three online sportsbooks currently operate in Connecticut including DraftKings, FanDuel, and Fanatics. In August, the operators combined for a $123.34 million handle. DraftKings and FanDuel accounted for $106.27 million in combined wagers last month. That was a whopping 86.2% hold. Additionally, the two sportsbooks combined for 86.2% of $12.77 million in online revenue, for $11.01 million.
For the second consecutive month, Fanatics posted a win rate of 10% or higher. They collected $1.76 million in revenue from a $16.97 million handle. DraftKings was able to narrowly beat FanDuel for the top handle spot in August. Their $53.28 million was just ahead of FanDuel’s $52.99 million. However, FanDuel did lead in revenue with $6.19 million while DraftKings had $4.82 million in revenue.
Since the start of 2024, both DraftKings and FanDuel have managed $2.089 billion in handles. Despite their handles being identical, FanDuel’s $227.51 million in revenue is far more than DraftKings’ $183.8 million. August was the sixth month that FanDuel had a 10% win rate in Connecticut.
How successful was retail sports betting in Connecticut?
In August, Connecticut retail operators combined for a 15.49% hold. That was enough to produce $915,200 in revenue from $5.91 million worth of wagers. The state lottery accepted $5.72 million in wagers and had $884,900 in revenue.
