Connecticut Sports Betting Revenue Reaches $7.7 Million in July 2023, Mobile
In July 2023, the Connecticut Department of Consumer Protection reported a total sports betting handle of $78.3 million in the state, marking an 18% decline compared to the previous month. This decrease was the largest since the launch of legal sports betting in Connecticut in October 2021. However, despite the decline in handle, sportsbooks still generated a significant betting revenue of $7.7 million, showcasing the potential of the market. This article will delve into various aspects of the Connecticut sports betting landscape for July 2023.
Mobile Platforms Dominate the Market:
With a mobile betting handle of $32.7 million, DraftKings emerged as the market leader in July. FanDuel followed closely behind with a handle of $30.2 million. PlaySugarHouse, operated by the Connecticut Lottery, recorded an online sports wagering handle of $10 million. In terms of gross revenue, DraftKings also took the lead with nearly $3.3 million.
Increased Revenue and Win Rate:
Connecticut sportsbooks experienced a rise in revenue compared to the previous month. July’s revenue of $7.7 million surpassed June’s $6.4 million, reflecting a positive trend. Additionally, the win rate for sportsbooks in July stood at 9.8%, higher than June’s 6.7% win rate. The state collected $860,000 in tax revenue from both mobile and retail sportsbooks, thanks to its 13.75% tax rate.
Historical Milestone:
The lifetime betting handle in Connecticut reached an impressive $1.08 billion in July, making it the 18th state in the U.S. to surpass the $1 billion mark. This milestone highlights the growing popularity of sports betting among Connecticut residents and the potential for further expansion in the market.
Despite a decline in the sports betting handle in July 2023, Connecticut’s sports betting industry showcased resilience by generating $7.7 million in revenue. Mobile platforms, led by DraftKings and FanDuel, dominated the market, with DraftKings also leading in terms of gross revenue. The state’s 9.8% win rate and the significant tax revenue collected indicate a positive outlook for the future of sports betting in Connecticut. With the lifetime betting handle surpassing $1 billion, Connecticut has solidified its position as an active and promising market in the sports betting landscape.