March Madness Betting Pushes Connecticut Handle Past $200 Million

Connecticut sports betting crossed a milestone in March with $207.7 million wagered — the first time handle has topped $200 million during that month since online betting launched in October 2021.

Good to know

• Connecticut saw its highest March betting total since online wagering launched in October 2021.
• FanDuel posted a 25% rise in bets placed, even as its win rate dropped.
• State tax revenue fell to $1.87 million in March, down from February’s $2.3 million.

Most of the action came from college basketball, especially with in-state teams eligible for betting during tournament season. This rule change played a part in driving a 22% increase in total bets compared to February, which was dominated by Super Bowl activity.

Although more money was wagered, operator profits didn’t follow the same trend. Revenue dropped to $16.4 million in March, down 19.6% from the month before. That made it one of only three months since September 2024 where profits dipped below $20 million.

The overall win rate for sportsbooks stood at 7.9% in March, the lowest seen in 2025. It also marked the fourth time in a year the hold stayed in single digits. The limited number of upsets in the NCAA tournament, plus the UConn women’s smooth run to a national title, helped keep outcomes predictable — and less profitable for sportsbooks.

However, despite a record March handle, Connecticut’s share of tax revenue slid. The state collected $1.87 million, a drop from the $2.3 million it brought in during February.

Operators See Mixed Results

Among the three online platforms active in Connecticut, FanDuel recorded the biggest jump in monthly handle. Bettors placed $86.7 million in wagers through FanDuel, up 25% from February. However, the hold dropped from 13.7% to 7.6%, resulting in $6.6 million in revenue.

DraftKings wasn’t far behind with $74.9 million in bets placed. It had a slightly higher win rate at 8.5%, bringing in $6.4 million in revenue. Still, that total was $1 million less than what DraftKings earned in February.

Fanatics Sportsbook also gained momentum, pulling in $37.7 million in bets, an increase of more than $7 million compared to February. It posted an 8% hold and $3 million in profits. Its retail operations with the Connecticut Lottery added another $8 million to the mix.