Connecticut kicked off 2023 on a positive note, with legal sports betting figures for January a noticeable improvement from the previous month.
Recent figures released by the Connecticut Department of Consumer Protection revealed that the state's three online sports betting sites (and one retail operator) posted $167.7 million in handle for January — a 4.6% improvement from the prior month and a 6.1% yearly increase from the action generated by Connecticut sports betting in January 2022.
The total gross gaming revenue for the sportsbooks during the month was just under $14 million, resulting in a win rate of 8.3% for the operators. Both numbers were better than December: GGR improved by 10.8% and the hold percentage was marginally better than the prior month's 7.8% mark.
In terms of taxes paid to the Connecticut general fund, operators forked over $1.9 million in January — about $200K better than December.
DraftKings leads the action, FanDuel leads the winning
After months of seeing FanDuel lead the way, rival DraftKings was the mobile betting breadwinner in January, accepting $72.4 million in wagers (a 6.8% MoM increase), whereas FanDuel saw a marginal dip in handle — clocking in at $67.3 million — while SugarHouse saw its wagers take a 22.5% jump up to $16.3 million.
Revenue, however, was a different story: FanDuel posted a 10.8% win rate, resulting in $7.2 million in revenue — significantly better than DK's $4.9 million revenue/6.7% hold and SugarHouse's $668K worth of winnings.
It's no surprise that online betting again carried the bulk of the action, accounting for 93.1% of handle and 91.7% of the GGR, but the state's sole retail operator (also SugarHouse) posted a banner month.
January saw a state record $11.6 million in retail wagers in January, the fourth straight month of more than $10 million in retail bets, with the $1.2 million in GGR second only to the figure posted in September 2022.
