Connecticut Sports Betting Market Sees 41.4% Year-Over-Year Growth in August
In August Connecticut’s sports betting market total handle climbed by 41.4% compared to the same period last year.
Strong Jump in Total Handle
The state’s handle reached $129.2 million, a 6% increase from the previous month, according to data released by the Connecticut Department of Consumer Protection.
Online sports betting remains the cornerstone of Connecticut’s betting landscape, contributing $123.24 million, or 95.4%, of the total handle in August.
Leading operators DraftKings and FanDuel dominated this segment, collectively responsible for 86.2% of the total online wagers. These two giants also captured a significant share of the revenue, generating $11.01 million from their combined efforts.
FanDuel narrowly trailed DraftKings in terms of handle, with $52.99 million compared to DraftKings’ $53.28 million. However, FanDuel outperformed its competitor in revenue, posting $6.19 million thanks to an 11.67% hold rate. DraftKings, with a slightly lower hold rate, secured $4.82 million in revenue, demonstrating the ongoing competitive rivalry between the two.
Fanatics Carves Out a Space
Newcomer Fanatics made a strong impact in the Connecticut market, achieving its second consecutive month with a 10-plus percent win rate. The sportsbook generated $1.76 million in revenue from $16.97 million in bets, suggesting it could continue to challenge the established players as Connecticut’s sports betting market evolves.
Although the online sector dominates, Connecticut’s retail sportsbooks continue to play an important role. Retail locations generated $915,200 in revenue from $5.91 million in bets during August, driven by a strong 15.49% hold rate. The Connecticut Lottery, which oversees most of the retail sportsbooks, accounted for the bulk of this activity with $5.72 million in wagers and $884,900 in revenue.
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