October was a tough month for some sportsbooks in the Nutmeg State. But one thing that all Connecticut’s operators could agree on was their tax bill was large.
The Connecticut Department of Consumer Protection reported $189.4 million in wagers last month, a 4.5% jump from the $180.8 million in September.
The online sportsbooks, which constitute roughly 93% of all wagers in the Nutmeg State, paid out $156.6 million in winning bets. The retail locations had $11 million in winners, meaning there was a statewide hold of 11.5%.
Huge tax bill for operators
Connecticut received a bit over $1.9 million in taxes, up slightly from the $1.8 million in September. FanDuel was the largest contributor in taxes with an all-time high for the state at $10.05 million. DraftKings was second with $866,000, the largest bill they have paid in the state.
SugarHouse, while a distant third in handle, also paid out the highest tax bill they have ever seen with $152,000.
Promos decline as DraftKings grows
All three of Connecticut’s online sportsbooks (DraftKings, FanDuel, and SugarHouse) started to reduce their promotional spend, now that the football season is halfway done. And compared to last year, Connecticut bettors are seeing far fewer bonuses. In October 2022, there were $14.2 million in promotional deductions. This October, there were just $5.9 million.
That being said, DraftKings set itself apart in October by increasing its handle by 11.6% to $88.2 million despite the drop in promos. FanDuel and SugarHouse saw their handle decline month over month. FanDuel dropped 0.2% while SugarHouse fell by 13.6%.