Connecticut Sports Betting Revenue Rises 45.7% in February

Revenue from sports betting in Connecticut increased by 45.7% in February over the previous year. Despite a decline in overall handling from January, operators saw considerable growth, driven by a robust Super Bowl month.

The Connecticut Lottery reports that the combined income of the state’s two retail operators and three authorized online sportsbooks was $20.4 million. The gain was aided by the noteworthy 12.1% hold, which was up from 8.6% the year before.

The total amount handled in February was $169.4 million, up 24% from 2023 and 4% from 2024. Even though the month’s handle was 26% lower than January’s, the revenue reduction was mitigated by the larger hold.

The state collected $2.3 million in taxes from sports betting revenue, a slight decline from January’s $3.1 million.

Operator Performance Breakdown

FanDuel, DraftKings, and Fanatics Sportsbook collectively accounted for $162.2 million in online handle, contributing $20 million to the state’s total revenue. However, two of the three major operators reported a month-over-month dip in revenue.

• FanDuel: After two consecutive months surpassing $100 million in handle, FanDuel’s wagers dropped to $69.4 million in February. Yet, the operator achieved a notable 13.7% hold, generating $9.5 million in gross revenue.
• DraftKings: With a handle of $62.4 million and an 11.9% hold, DraftKings brought in $7.4 million in revenue.
• Fanatics Sportsbook: Despite a slight decrease in handle to $30.4 million, Fanatics saw its revenue climb to $3.1 million, up from $2.7 million in January.

Fanatics Sportsbook also earned $346,000 in retail revenue through its collaboration with the Connecticut Lottery. The XL Center in Hartford contributed nearly $295,000 in brick-and-mortar wagers.

With a solid Super Bowl performance and steady growth, Connecticut’s sports betting industry continues to establish its presence. Operators are likely to keep expanding their offerings to capitalize on the rising interest in sports wagering.