In August, Connecticut sportsbooks combined for a 10.6% hold

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.