Connecticut Sports Betting Handle: $54.6 Million In First Month
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To say that 2021 was a major year for sports betting is a major understatement. Arizona sports betting was legalized on September 9th, just in time for the official kickoff of the NFL season. Since then, betting has been a major hit for the state, bringing in millions throughout the season, thanks to both football and the start of the NBA and NHL seasons. Connecticut also legalized wagering on sports this year on October 19th, and the numbers are back on the total handle for the very first month of sportsbooks in the Constitution State. Here’s a deeper look at the early sports betting handle in Connecticut, as well as a deeper look at online gaming in the state.
First Month of Connecticut Sports Betting Surpasses $54.6 Million Handle
Since its official launch, Connecticut sports betting has been a major hit. According to a new revenue report from the Department of Consumer Protection, the major sports wagering operators hit big in the first month. Including the soft launch on October 12th, the three sportsbooks that broke ground in the state, which include FanDuel Sportsbook, Play SugarHouse, and DraftKings Sportsbook, had taken in a total handle of $54.6 million throughout the initial weeks of legalization.
The total revenue throughout that time was $4.9 million from the three betting operators. Interestingly, DraftKings was the major driver when it came to revenue that month. Of the total gross revenue, DraftKings was responsible for approximately $3.6 million, about 75% of that total revenue. Of the $23.8 million placed on bets, the sportsbook had a total win rate of 15.1%. Throughout the initial 20 days of legal betting, sports betting revenue for the state added up to $512,951 thanks to the 13.75% tax rate.
Connecticut iGaming Hits It Big
While sports betting might have been the big focus, let’s not forget that iGaming also enjoyed a major launch in Connecticut. In the first month, iGaming in Connecticut totaled $312.9 million throughout the initial weeks of legalization. The two major operators that contended in that time were DraftKings and FanDuel, mirroring the sports betting battle in the state. And, much like with sports betting, DraftKings came out on top. In that time, DraftKings had a total iGaming revenue of $4.8 million, while FanDuel’s revenue hit $4 million.
What’s Next For Connecticut Sports Betting?
With a big debut in Connecticut, sports betting can only go up from here. Most of the major sports are ongoing at the moment, with the NFL being the big moneymaker and college football bowl season approaching rapidly. And NBA, NHL, and college basketball always get tons of looks from sharp bettors and casual fans alike. Plus, with the NFL playoffs (and of course the Super Bowl) coming up early next year, there’s going to be plenty of promos and opportunities to wager for Connecticut residents. One thing’s for certain: both sports betting and iGaming are proving to be hugely popular for Connecticut, and that’s after looking at just a few weeks of data.
