Connecticut Nudges Monthly Sports Betting Handle Record To $158 Million

DraftKings was January's leader in both sports betting and online casino activity
Connecticut Gambling January 2022

Connecticut again showed incremental growth in sports betting handle in January as the state’s Department of Consumer Protection reported $158.1 million worth of wagers took place.

It was a 5.3% month-over-month increase from December’s figure of $150.1 million. In the three full months of wagering following a mid-October launch, the Nutmeg State has totaled just shy of $440 million handle, with 96% of that total coming via online wagering and a new monthly record set with each report.

The state’s three operators — DraftKings, FanDuel Sportsbook & Casino, and SugarHouse (BetRivers) — combined to generate more than $10.8 million in gross gaming revenue. That was a 21.7% increase from December as the 6.8% win rate was nearly a full percentage point higher than the prior month.

The three online operators each claimed the maximum 25% allowed for deductions, creating an adjusted revenue total of $8.3 million when combined with retail lottery sales. Connecticut collected slightly more than $1.1 million in state taxes for January and nearly $4.3 million since launch.

DraftKings makes gains to start the new year

DraftKings had a 7% increase in handle to $73.7 million in January, while its 8.4% hold contributed to a 45% increase in gross revenue to nearly $6.2 million. Promotional play accounted for nearly 3% of the handle at $2.2 million, while it also claimed more than $1.5 million in promotional revenue.

Conversely, FanDuel’s handle slipped 2.1% from December to just shy of $62 million, while it also had nearly 3% of its total come via promotional play. Its gross revenue dropped 7.3% to $3.2 million, which became $2.4 million following the maximum deduction allowed.

SugarHouse had its best month in terms of handle at nearly $13.7 million, but bettors also had their best month against it, holding the operator to a 4.3% hold and $582,010 in gross revenue. SugarHouse’s promotional play of nearly $290,000 totaled 2.1% of its overall handle.

On the retail side, the state lottery generated more than $8.7 million in wagers and $825,369 in revenue for a 9.4% hold and $113,488 for state tax coffers.

Meanwhile, a new iGaming monthly revenue record

Regulated online casinos, despite a drop in play in January, produced a new revenue record in Connecticut for the third straight month of full wagering following a mid-October launch.

Operators claimed nearly $22.5 million in gross revenue, a 10.7% increase from December’s $20.3 million. That occurred despite a 4.3% dip in wagers placed to $780 million. Operators posted a 2.9% win rate — nearly one-half point higher compared to 2.5% in December.

There was nearly $3.6 million in promotional deductions, which meant the state could levy taxes on the $18.8 million in adjusted revenue. That resulted in close to $3.4 million for Connecticut’s coffers, and iGaming has contributed just over $10 million in tax receipts since launch.

DraftKings continues to be the more dominant player against FanDuel in this realm, clearing $500 million in wagers for the second consecutive month and representing close to two-thirds of the overall digital bets placed. It reported nearly $13.7 million in gross revenue, an uptick of 13.5% compared to December.

FanDuel’s gross revenue also improved, gaining 6.4% to nearly $8.8 million in January. Handle, however, dipped 4.8% to $277.1 million as it moved within $34 million of $1 billion since launch.

Photo: Shutterstock


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