The sports betting industry in Connecticut continues to surge, with players wagering a remarkable $80 million on sports in August, representing a notable 2.2% increase compared to the previous month’s figure of $78.3 million. Online sports betting played a significant role, generating a staggering $73 million, while retail sports betting contributed $7 million to the overall handle. These impressive numbers reflect the growing popularity of sports betting in the state since its launch in October 2021.
Robust Revenue and Tax Contributions:
The revenue from the sports betting activity in August reached an impressive $9.9 million, with a hold of 12.36%, including the Connecticut Lottery’s retail locations. This hold rate marks the second-highest win rate in the past 11 months of sports wagering in Connecticut, narrowly trailing behind the record set in November last year, which was 12.4%.
In terms of tax revenue, the state received a substantial $1.1 million in August alone, contributing to a year-to-date total of $7.4 million and an impressive $10.5 million since the launch of sports betting in Connecticut. The state imposes a tax rate of 13.75% on operators, further benefiting from the industry’s success.
Dominance of Mobile Betting and Market Leaders:
Mobile betting continues to dominate the market, with players placing a significant $35.1 million in wagers via FanDuel, establishing itself as the market leader in August. DraftKings closely followed, recording a substantial handle of $29.4 million. Additionally, PlaySugarHouse, operated by the Connecticut Lottery, boasted a commendable monthly online sports wagering handle of $8.5 million.
Impressive Win Rates:
When it comes to win rates, DraftKings proved to be the most successful operator in August, achieving an impressive win rate of 12.9%. This performance showcases their ability to attract and retain players effectively, contributing to their strong market position.
Sustained Growth and Year-to-Date Performance:
The continuous growth of the sports betting industry in Connecticut has been remarkable since its inception in October 2021. The year-to-date total tax revenue of $7.4 million highlights the sustainable and robust nature of the market. As more players engage in sports betting, the industry’s contribution to the state’s revenue continues to climb, benefitting various sectors.
Connecticut’s sports betting market has witnessed substantial growth in recent times, with the August handle reaching an impressive $80 million, marking a 2.2% increase from the previous month. Mobile betting has been a significant driver of this growth, with FanDuel and DraftKings leading the market. The industry’s remarkable win rates and tax contributions further solidify its position as a lucrative venture for operators and the state alike. As the market continues to flourish, it promises exciting prospects for both businesses and consumers in the future.