Connecticut Sports Betting Operators Beat Out Their Bettors In August

Numbers Heating Up…

The Gaming Division of Connecticut’s Department of Consumer Protection released both mobile and retail sports betting numbers for the month of August; all three of the state’s online sportsbooks posted double-digit win rates. 

Connecticut has three mobile operators present in the state via the state’s tribes and the state lottery. DraftKings found a partner in the Mashantucket Pequot Tribe which operates the Foxwood Resort and Casino. FanDuel partnered with the Mohegan Tribe which runs the Mohegan Sun Casino, while PlaySugarHouse is run via the CT Lottery. The CT Lottery also operates retail sports betting. 

Together, these three operators, plus CT Lottery retail locations, generated $9.9 million in gross gaming revenue; a 12.36% hold from a $80 million handle in August. This is the second-highest hold rate in the state’s history, trailing just barely behind November’s 12.4%. 

Operators claimed over $1.5 million in promotional credits which resulted in about $8.36 million in adjusted gross gaming revenue. This produced a 10.5% win rate on adjusted gross revenue: an all-time high for Connecticut operators since launching in October 2021. It was the first time that this win rate was double digits. 

This all resulted in $1.1 million in tax dollars for the state, contributing to this year’s total of about $7.4 million through the first eight months, and $10.5 million since launch. Connecticut taxes their operators at a 13.75% rate. 

Compared to July of this year, sports betting in Connecticut increased in every category in August – handle, gross gaming revenue, gross gaming revenue win rate, adjusted gross gaming revenue, adjusted gross gaming revenue win rate, and taxes. Some states, such as Louisiana, weren’t as lucky. 

FanDuel, DraftKings Were The Most Successful

In terms of gross revenue, FanDuel was the most successful in August, boasting $4.2 million from a $35.1 million handle (12.1% win rate). In terms of win rate, DraftKings was the best, with a 12.9% despite posting a slightly lower handle of $29.4 million and $3.8 million in gross gaming revenue. PlaySugarHouse posted a 10.4% hold, $886,532 in gross gaming revenue and a $8.5 million handle. 

On the retail side, the win rate hovered right around 14% as revenue from in-person wagers finished just shy of $1 million.

Sports Betting Outlook

Having launched in October, Connecticut sports bettors got a taste of the NFL season last year, but have yet to experience an entire season. Having all six months of football and a more established sports betting presence, should set Connecticut up for a more successful fall season, as long as Massachusetts keeps stalling. 

Since Connecticut’s launch, sports betting in its neighbor state of Massachusetts has been legalized. History shows that Massachusetts residents have crossed state lines into Connecticut to place legal wagers since they haven’t been able to do so in the Bay State. However, lawmakers have dragged their feet a bit getting the rollout of the market going, which gives Connecticut more time to reap the benefits of Bay Staters who want to bet on sports.