In May 2023, the sports betting landscape in Connecticut experienced a slight dip in revenue, marking a 1.8% decrease compared to the previous month. According to data from the Connecticut Department of Consumer Protection, the state’s sports betting revenue amounted to $9.1 million, with an intriguing win rate of 7.9%.
Sports Betting Overview:
Despite a modest decrease in revenue, the total handle for sports betting in Connecticut remained substantial at $115.2 million, representing a 1.1% decline from April. Notably, DraftKings emerged as a frontrunner, securing $50.7 million in bets, generating $2.9 million in gross revenue, and an adjusted revenue of $2.4 million. FanDuel followed closely, recording $5 million in gross revenue from $47.3 million in bets. SugarHouse, operated by the Connecticut Lottery, reported $758,009 in gross revenue from a $7.4 million handle.
Key Performance Metrics:
The win rate holding steady at 7.9% indicates a resilient market, despite the month-over-month dip in revenue. Examining these key performance metrics provides valuable insights into the dynamics of Connecticut’s sports betting scene.
iGaming Landscape:
In tandem with sports betting, the iGaming sector also witnessed a decline in gross revenue, dropping by 8.1% to $20.9 million from the $22.8 million recorded in April. However, the bets in iGaming increased to $774.2 million, showcasing a robust level of engagement among users. Tax collections from iGaming and sports betting combined amounted to nearly $4 million, with iGaming contributing close to $3 million to the state’s coffers.
Tax Contributions and Financial Impact:
The state of Connecticut reaped substantial tax receipts during May 2023, collecting almost $4 million. Impressively, the first five months of the year saw tax receipts of over $16 million from iGaming alone, while sports betting contributed nearly $4.7 million. This financial impact underscores the significance of the gambling industry in contributing to the state’s revenue stream.
The May 2023 performance of Connecticut’s sports betting and iGaming sectors showcases a dynamic and resilient industry, despite a marginal decline in revenue. As key players like DraftKings and FanDuel continue to dominate the market, the state’s consistent tax collections underscore the economic significance of the gambling industry. Monitoring these trends provides stakeholders and enthusiasts with valuable insights into the evolving landscape of Connecticut’s gambling market.