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As bookmakers post impressive August 2024 results, the state of Connecticut’s sports betting industry is still thriving. The Connecticut Department of Consumer Protection has released new statistics that show a significant rise in handle and income.
Sportsbooks in Connecticut took in $129.2 million in wagers in August, a 6% increase over July. Revenue from this heightened activity was $13.66 million, indicating a strong 10.6% hold. Consequently, the state’s tax revenue came to $1.58 million.
Despite having only three online sportsbooks, Connecticut’s market shows impressive annual growth. Handle has surged 41.4% year-over-year, while revenue has climbed 47.9%. The year-to-date figures also demonstrate significant progress, with total bets reaching $1.27 billion, a 30.7% increase compared to last year. Although August saw a slight dip of 13.86% in month-over-month revenue, the overall trend remains positive.
Connecticut’s online sports betting scene is dominated by three major players. DraftKings and FanDuel lead the market, together accounting for $106.27 million of the $123.24 million total online handle. This also translates to 86.2% of the online revenue, with the two giants generating $11.01 million.
FanDuel recorded its second consecutive month with a win rate exceeding 10%, earning $1.76 million from its $16.97 million handle. DraftKings slightly edged out FanDuel in handle with $53.28 million compared to FanDuel’s $52.99 million. However, FanDuel outperformed in revenue with $6.19 million versus DraftKings’ $4.82 million. This trend is consistent with the year-to-date figures, where FanDuel has accumulated $227.51 million in revenue compared to DraftKings’ $183.8 million.
August was a great month for Connecticut’s retail sportsbooks as well, with a 15.49% hold. $5.91 million was wagered in total, bringing in $915,200 in earnings. Taking the lead in the retail sector with $5.72 million in wagers and $884,900 in income was the Connecticut Lottery. On the other hand, the XL Center, which had very little activity, took in $188,700 in bets and made $30,300.