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Connecticut Sports Betting Handle Soars by 13% in December

connecticut sports betting

Connecticut’s nascent sports betting market continued to show growth in December, according to the latest figures reported by the state’s Department of Consumer Protection.

The state’s overall betting for the month tallied $150.1 million, an increase of 13.9% from the $131.7 million wagered in November. Mobile customers accounted for the $143.6 million of the bets, which represents about 95.7% of the combined handle for the month. Compared to November’s $127.5 million internet handle, the amount of sports wagers processed by online operators in December was up by 12.6% month-on-month.

Retail sportsbooks, on the other hand, took in $6.5 million in bets during the month, up from $4.2 million in November. The numbers indicate an increase of 54.8% month-on-month.

*The retail betting numbers represent figures reported by the Connecticut Lottery as the state does not tax in-person wagering at tribal casinos.

The CLC and its sports betting partner, Rush Street Interactive, have opened nine physical sportsbooks across the state since the launch of the regulated market. The sportsbooks, which carry the PlaySugarHouse brand, are located at Bobby V’s Restaurant and Sports Bar in Stamford and Windsor Locks, and Winners off-track betting shops in New Haven, New Britain, Manchester, Milford, Hartford, Waterbury, and Torrington.

Betting revenue goes down despite handle increase                                 The revenue generated by the three sportsbooks in the state did not go up in December despite the significant increase in betting handle.

The operators’ combined hold for the month was $9.2 million, but after deducting the amount spent on promotional credits, the taxable revenue tallied $6.8 million. The taxable revenue generated by the market in November was $12.5 million, indicating a 45.6% month-on-month decline.

Online sportsbooks accounted for $6.4 million of the gross wins, with the retail sports betting venues generating a combined $396,051 in taxable wins.

The State of Connecticut collected $929,336 in taxes from the three licensees in the month of December, down from $1.72 million in November.

According to the figures published by the DCP, DraftKings Sportsbook took in $68.9 million in online sports wagers in December to retain its position as Connecticut’s top sportsbook operator. The licensee’s betting handle for November was $60.0 million, translating to an increase of 14.8% month-on-month.

The sportsbook held $4.4 million of the total staked by bettors, but its gross revenue after bonus deductions amounted to $3.2 million. DraftKings partners with the Mashantucket Pequot Tribal Nation for its sports betting operations in Connecticut. The tribe owns Foxwood Resort Casino in Ledyard.

FanDuel Sportsbook and its partner, the Mohegan Tribe of Indians, came in second with $63.3 million in wagers for the month, up from $59.0 million in November. The operator reported $3.6 million in total wins and $2.6 million in adjusted gross revenue in December.

The Connecticut Lottery and its partner, PlaySugarHouse, posted $17.9 million in total handle, with $11.4 million coming from online players and $6.5 million from in-person betting. The total taxable revenue generated by the sportsbook was $957,087.

The Connecticut regulated sports betting market has generated $336.4 million in handle since it went live in October. The taxable revenue generated by the industry stands at $22.9 million as of December 31, while the total amount collected by the state in taxes is $3.2 million.

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