Connecticut Sports Betting Sees Nearly 50% More Wagers in May

The $163.6 million handle is a 49.6% year-over-year increase from May 2023’s wagering activity.

Grant Leonard - News Editor at Covers.com
Grant Leonard ? News Editor
Jun 25, 2024 ? 12:30 ET ? 4 min read
DeWanna Bonner WNBA Connecticut Sun
Photo By - USA TODAY Sports

Small, but mighty.

That’s the Connecticut sports betting market. Despite being one of the smallest states in the U.S., the Nutmeg State still touted a $1.762 billion handle in 2023. So far through 2024, sports betting in Connecticut is well ahead of that billion-dollar pace. 

The Connecticut Department of Consumer Protection reported a statewide betting handle of $163.6 million for May, which is a 49.6% year-over-year increase from May 2023. This puts the total Connecticut sports betting handle at $873.8 million year-to-date, which is a 24.8% rise from the same period last year. 

May’s handle is actually the 10th best handle in the state over the last 32 months of reporting, and it’s the third-highest in calendar year 2024. Connecticut sports betting operators generated $17.1 million in revenue from May’s metrics, good for a 10.5% hold. 

Connecticut sportsbooks bagged their lowest handle of 2024 in April, so May’s tallies showed a step in the right direction with a 4.4% month-over-month boost in handle and 5.7% month-over-month jump in revenue. 

State coffers pocketed $1.97 million in tax income as well, which brings the year-to-date tax contribution from sports betting in Connecticut to more than $10.4 million. 

Online sports betting in Connecticut

The small-but-mighty moniker applies to the amount of options bettors have in the Nutmeg State, too. There are only three online sportsbooks in Connecticut, but that trio churned $16.16 million in revenue from a $155.55 million total online handle in May thanks to a 10.39% hold. 

FanDuel and DraftKings accounted for $136.73 million of that online handle in May, representing nearly 88% of all Connecticut online sports betting activity last month. 

Fanatics is the other online option in CT, taking over PlaySugarHouse’s spot in December. The newcomer booked an $18.82 million handle, which is almost a 33% month-over-month increase.  

Operator May Handle Revenue
FanDuel $69 million $8.6 million
DraftKings $67.73 million $6.41 million
Fanatics $18.82 million $1.14 million

FanDuel is far ahead of the pack in year-to-date metrics. The top online sportsbook in the country by market share is flexing its muscles in the Connecticut sports betting landscape with $405.8 million in handle and $46.5 million in revenue already in 2024. DraftKings is no slouch with a $353.51 million YTD handle and $34.46 million YTD revenue, though. 

Fanatics looks to be a couple of months away from breaking the $100 million YTD handle mark. It’s currently sitting at a little less than $75 million, potting $5.54 million in YTD revenue. 

Retail sportsbooks in Connecticut

There are just two operators of Connecticut retail sportsbooks that collected $8.1 million in bets in May and generated just north of $990,600 in revenue. 

Fanatics and the Connecticut Lottery are cashing in on their retail partnership, seeing $7.84 million of that total retail handle last month. A total $38.77 million in wagers has been gambled through this Connecticut retail sportsbook so far in 2024, earning the operator $3.91 million in year-to-date revenue. 

Although the handle at the XL Center was a paltry $258,270, more than $54,000 in revenue came from that wagering activity which is good for a more than 20% win rate for the house.

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Grant Leonard - Covers
News Editor

Grant is a former junior B ice hockey player, and a current believer that the Washington Capitals¡¯ aging core still has another Cup run left in the tank. Grant¡¯s owned and operated his own marketing agency since shortly after graduating from Virginia Tech in 2014. He pursued the profession because he figured it¡¯d be a great way to get paid to do something he loves to do, write. After years of hammering puck lines and leading his fantasy football league as Commissioner, Grant started writing about sports betting and the casino gaming industry in 2021 and hasn¡¯t looked back.

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