Connecticut Sportsbooks Rout Public In August

All three online operators had double-digit holds for the month, though iCasino revenue was still far higher
Connecticut August 2022 revenue reports
Facebook
Twitter
LinkedIn
Email

Connecticut‘s three mobile sportsbooks — FanDuel, DraftKings, and Play SugarHouse — all posted double-digit win rates for August and furthered the nationwide trend of the house dealing bettors big losses for the month.

The state’s Department of Consumer Protection reported overall gross revenue totaling $9.9 million with a 12.36% hold when including the Connecticut Lottery’s retail locations. It was the second-highest win rate in 11 months of wagering in the Nutmeg State, barely behind the 12.4% attained last November.

Handle ticked 2.2% higher than July to $80 million, the third-lowest amount wagered since launch. Operators claimed more than $1.5 million in promotional credits, which meant the state collected $1.1 million in tax receipts from $8.4 million in adjusted revenue. The 10.5% win rate on adjusted revenue was an all-time high and the first time it reached double digits.

Twelve states have released revenue reports for August thus far, and the collective hold is 11.5%. While there are still multiple large-market states among the 14 yet to report, it currently tracks to be the second-highest win rate in the post-PASPA era behind the 11.7% attained in September 2018 when only five states were taking wagers. It would also be the first above 10% since sportsbooks across 12 states claimed a 10.1% hold in October 2019.

Handle for the year in Connecticut is about $12,000 shy of $900 million, while the state has claimed $7.4 million in taxes through the first eight months. Connecticut has collected $10.5 million in state taxes overall from sports betting.

Everybody takes a bite out of the public

FanDuel had the best month in terms of gross revenue, with $4.2 million from $35.1 million wagered, resulting in a 12.1% hold. DraftKings had the highest win rate at 12.9%, claiming $3.8 million from $29.4 million handle, and Play SugarHouse posted a 10.4% hold, finishing with $886,532 from more than $8.5 million bet.

On the retail side, the win rate was just shy of 14% as revenue from in-person wagers finished about $21,000 shy of $1 million.

It was also the first time FanDuel, which surpassed $500 million all-time in wagers accepted, generated higher handle than DraftKings since the initial month of wagering last October.

FanDuel also sees surge in iGaming handle

When it came to the internet casino gaming in Connecticut, FanDuel had a staggering 50% rise in month-over-month handle to an all-time high of $398.9 million in August. The previous monthly high in that wagering discipline was $291 million last December.

Promotional handle was $1.1 million, which was barely more than one-quarter of one percent. The increased play, though, did not result in substantially higher gross revenue, which reached $8.8 million. It was an 8.9% improvement from August as the win rate dropped from 3.1% to 2.2%.

FanDuel’s dramatic upswing in handle contributed to a record $852 million wagered via online casinos, bettering the previous mark of $820.9 million established in March. It was the third time online casino handle cleared $800 million, with the other occasion coming last December with $814.9 million. Gross revenue was 6.4% higher compared to July, reaching $17.6 million despite a year-low hold of 2.1%.

DraftKings finished with $13.1 million in gross revenue but was far more generous in offering promotional play, which totaled $14.2 million — 3.2% of the $449.6 million wagered overall. It also took the full 25% allotted for promotional revenue, leaving the state eligible to levy tax on the $9.8 million in adjusted revenue.

Overall, the state collected $3.2 million in online casino tax receipts, raising the total for the year above $25 million and close to $32 million overall. Internet casino handle surpassed $6 billion for 2022 with August’s report and will surpass $8 billion overall with next month’s report that will conclude the first full year of wagering.

Photo: Shutterstock

Facebook
Twitter
Email

Related Posts