The Nutmeg State set the sports betting record for the most amount wagered for the second consecutive month.
The Connecticut Department of Consumer Protection reported an October handle of $229.5 million, 7% higher than the previous record of $214.4 million set in September and 20.5% better year-over-year.
It’s just the fourth handle ever in the Nutmeg State to surpass $210 million. Sports betting operators hauled in $18.5 million in gross revenue, down 5% from October 2023.
In a month of bettor-favorable outcomes, October’s 8.1% hold was down more than two points year-over-year and five points month-over-month. It was also the lowest win rate since November 2023. Adjusted revenue reached $15.4 million behind a 6.7% hold.
The Nutmeg State filled its coffers with $2.1 million, down nearly $1 million from September. However, Connecticut has surpassed $20 million in tax revenue year-to-date
FanDuel bests DraftKings
| Operator | September Handle | Revenue |
|---|---|---|
| FanDuel | $93.2 million | $8.6 million |
| DraftKings | $91.9 million | $6.3 million |
| Fanatics Sportsbook | $33.3 million | $2.9 million |
The three online Connecticut sports betting operators accounted for $218.3 million of the total October handle and about $17.8 million of the entire revenue.
FanDuel and DraftKings swapped places from September to October as FanDuel generated a state-best $93.2 million, a 14% month-over-month increase in the amount wagered. That was $1.3 million more than DraftKings. FanDuel also enjoyed the better win rate, using a 9.3% hold to haul in $8.6 million in online revenue.
DraftKings produced a hold just under 7% to take home $6.3 million in revenue, a 38.8% decrease from September.
Fanatics Sportsbook surpassed the previous month’s all-time handle high of $32.9 million by accepting $33.3 million in wagers during October. However, the high number of NFL favorites cashing helped bettors lower the hold from 10% to 8.6% month-over-month, leading to $2.9 million in revenue.
Brick-and-mortar revenue dips
Retail sportsbooks combined to generate $10.8 million in October, up from September’s $9.5 million. The win rate, though, went from 13% to 7% as brick-and-mortar revenue fell to under $800,000 for the month.
The Connecticut Lottery’s partnership with Fanatics accounted for $10.3 million of all in-person wagers, but revenue decreased 43% month-over-month. The XL Center generated around $72,000 in revenue on a $486,000 handle.
