Connecticut sports betting had an underwhelming month in April after March was such a victorious period for the Nutmeg State.
The UConn men’s basketball team dominated the competition en route to its second consecutive NCAA tournament title, while Geno Auriemma’s UConn women’s squad reached the Final Four. All that success by the heavy favorites probably contributed to some pain for Connecticut sportsbooks in April since the Connecticut Department of Consumer Protection reported a statewide betting handle of $156.8 million, falling far shy of the $187.7 million bagged in March.
April’s handle is also the lowest amount wagered in the Nutmeg State since August, and is the 14th most that’s been wagered in a single month since the launch of Connecticut sports betting in 2021.
Online sportsbooks in Connecticut continued to dominate the market, collecting $149.4 million in wagers, which generated $17.4 million in gross gaming revenue (GGR) on an 11.65% hold.
The two retail sportsbooks in Connecticut mustered a $7.39 million handle for $783,200 in GGR on a 10.59% hold.
These favorable hold percentages helped Connecticut sportsbooks boost their revenue month-over-month from March’s $15.9 million. GGR is up 38.3% year-over-year, too.
January has been the best month of 2024 for Connecticut sports betting so far, logging a $202.6 million handle.
All about online sportsbooks in Connecticut
Online operators once again dominated the market with 95% of all wagering activity running through the three online sportsbooks in Connecticut.
FanDuel ruled the roost for the 12th out of the last 13 months in the Nutmeg State. Performance declined month-over-month for the behemoth in both handle and revenue though.
March’s $89.2 million handle and $8.8 million revenue topped April’s numbers.
The same held true for runner-up DraftKings and distant third Fanatics.
| Operator | April Handle | Revenue |
|---|---|---|
| FanDuel | $71.3 million | $9.2 million |
| DraftKings | $63.8 million | $6.7 million |
| Fanatics | $14.2 million | $1.3 million |
Fanatics took over sports betting duties for the Connecticut Lottery in December, and it still has a long way to go to catch up to the big dogs.
State tax
While overall performance for the operators may have been down month-over-month, state coffers enjoyed a healthier month of tax revenue than they did in March.
April’s sports betting in Connecticut brought $2.1 million in tax revenue to the state, leapfrogging the $1.8 million in taxes March’s activity produced. All in all, Connecticut sportsbooks have driven $8.4 million in taxes to the state’s balance sheet since Jan. 1.
This is more than $2 million in year-to-date tax revenue than the first four months of 2023 garnered, so at the macro level, the Connecticut sports betting market has made some gains since this time last year.
