For the second consecutive month, sportsbooks across Connecticut set a new record for the most amount wagered. In October, the state’s Department of Consumer Protection reported that Connecticut’s $229.5 million handle was 7% higher than their figures in September. That was also a 20.5% year-over-year increase.
It was just the fourth time in Nutmeg State history that their handle was over $210 million. Operators across the state combined for $18.5 million in gross revenue, down 5% from their figures in October 2023. Additionally, October’s 8.1% hold was down more than two points year over year. It was their lowest win rate in Connecticut since November 2023. Adjusted revenue in November last year was $15.4 million from a 6.7% hold. State coffers collected $2.1 million.
What Connecticut sportsbooks were the most profitable in October?
In Connecticut, there are three online sports betting operators. They include FanDuel, DraftKings, and Fanatics Sportsbook. Last month, the three online operators combined for $218.3 million of the total handle and $17.8 million of the entire revenue. FanDuel generated a state-best $93.2 million in wagers. This was a 14% month-over-month increase for the industry operator.
FanDuel’s $93.2 million in wagers was $1.4 million better than DraftKings in October. They also had a larger win rate of 9.3% to collect $8.6 million in revenue. DraftKings’ hold last month was just shy of 7% and generated $6.3 million in revenue. That was a 38.8% decrease from their figures in September.
Last month, Fanatics Sportsbook had a handle of $32.9 million. In October 2024 they accepted $33.3 million worth of wagers and set a new monthly high. However, the public having success during the NFL season made their win rate drop from 10% in September to 8.6% in October. They collected $2.9 million worth of revenue last month.
How successful were brick-and-mortar locations?
Retail sportsbooks in Connecticut combined to generate $10.8 million in October. That was up from the $9.5 million in September. However, the win rate slipped from 13% to 7% as brick-and-mortar revenue fell under $800,000 in October. The Connecticut Lottery has a partnership with Fanatics Sportsbook. In October, they accounted for $10.3 million of all in-person wagers. Revenue did decrease 43% month-over-month.
