Connecticut’s sports betting market continues its strong momentum, with March delivering impressive results. According to the Connecticut Department of Consumer Protection, the state saw a sports betting handle of $160 million, marking a substantial 17.6% increase from February and a noteworthy 14% year-over-year growth. These figures underscore the enduring appeal and growth potential of Connecticut’s sports betting industry.
Impressive Revenue Growth
In tandem with the surging handle, Connecticut’s sportsbooks experienced remarkable growth in gross gaming revenue. March witnessed a surge from $8.55 million in February to a substantial $16.5 million in revenue. This robust performance indicates that sports betting operators in the state are not only attracting wagers but also effectively monetizing them.
Tax Contributions Soar
With the significant increase in gross gaming revenue, tax contributions also surged. Operators in Connecticut registered a total of $1.85 million in taxes, representing a remarkable 58% month-over-month increase. These tax contributions play a vital role in supporting the state’s finances and various initiatives.
Leading Operators
In the competitive landscape of Connecticut’s sports betting market, several operators have stood out with their impressive performances:
DraftKings: Leading the pack, DraftKings reported a substantial $68.5 million handle in March, marking an $11 million increase from the previous month. Their winnings amounted to $6.8 million, showcasing their strong presence in the Connecticut market.
FanDuel: Not far behind, FanDuel recorded $65.7 million in sports wagers, accompanied by $7.4 million in winnings. FanDuel’s win rate of 11.3% was the highest among the state’s three mobile sportsbooks, surpassing DraftKings’ 9.9% hold.
SugarHouse: SugarHouse reported a handle of $15.7 million and revenue of $1.3 million, translating to an 8% win rate. Their presence in the market contributes to the overall diversity of sports betting options available to Connecticut residents.
Retail Betting’s Contribution
While mobile sports betting has been a significant driver of growth, retail betting also played a role in Connecticut’s sports betting landscape. Retail betting took in $9.7 million in wagers and generated revenue of $1 million, underscoring the importance of a diverse array of betting options for consumers.
Connecticut Lottery Corporation’s Transition
Notably, the Connecticut Lottery Corporation (CLC) has initiated the process of seeking a new operator to replace Rush Interactive, which currently runs SugarHouse. While the transition is underway, SugarHouse will continue its operations, with the changeover expected to occur in the second half of 2023.
Connecticut’s sports betting market continues to thrive, with robust growth in both handle and revenue. The success of leading operators like DraftKings and FanDuel, coupled with contributions from retail betting, highlights the dynamism and appeal of Connecticut’s sports betting industry. These developments are not only enhancing the entertainment options for residents but also contributing significantly to the state’s economic well-being.