Connecticut Operators Generate $132 Million In Sports Betting Handle In First Full Month

Online casino in November produces slightly more revenue for operators than sports betting does
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Connecticut’s Department of Consumer Protection on Thursday morning shared its revenue report for the first full month of digital sports betting and iCasino, and DraftKings led in November in terms of wagering handle on both fronts — but trailed rival FanDuel in sports betting revenue.

Partnered with Foxwoods Casino (Mashantucket Pequot Tribe), Boston-based DraftKings took in $60 million in sports betting handle and came away with $5.1 million in gross revenue, compared to FanDuel’s $59 million in handle and nearly $6 million in gross revenue. The numbers were more lopsided in iCasino. Though casino handle is a rarely cited statistic, DraftKings outdistanced FanDuel (which is partnered with the Mohegan Sun Casino) $416 million to $275 million in dollars wagered, and came out ahead, $7.9 million to $5.9 million, in gross online casino revenue.

The Connecticut Lottery, which offers digital sports betting via Sugarhouse, took $8.5 million in wagers in November. By law, the lottery cannot offer iCasino.

All totaled, the three entities took $127.5 million in online sports wagers plus another $4.7 million retail, earned combined sports betting revenue of $12.6 million, and paid the state of Connecticut about $1.75 million in sports betting tax revenue, based on a tax rate of 13.75%.

The sports betting handle rankings flipped from the first 20 days of operation in October, when FanDuel took in about $3.3 million more in handle than DraftKings. The total handle for the trio of operators was up significantly compared to the $54.6 million wagered during two-thirds of October.

iCasino numbers grew, too

On the iCasino side, DraftKings and FanDuel had combined gross gaming revenue of $13.9 million, which resulted in paying the state nearly $2.5 million in tax revenue. The tax rate for iCasino is 18%.

DraftKings and FanDuel both had an online casino win rate of about 3%. The pair took a combined $4.59 million in promotional deductions.

In October, when both platforms were live for 20 days, DraftKings also led in iCasino handle and revenue. DraftKings posted a gross revenue of $4.8 million compared to FanDuel’s $4 million that month.

Photo: Shutterstock

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