Connecticut sportsbooks and the state profited nicely in May despite a drop in handle.
According to figures released by the Connecticut Department of Consumer Protection, the Nutmeg State took in $109.3 million in legal sports betting wagers, down 13.6% from April’s $126.6 million and 5% year-over-year. It marked the ninth consecutive month of a handle north of $100 million.
The summer lull didn’t hit Connecticut sports betting very hard as the three online sports betting sites and 15 retail locations racked up a combined adjusted gross revenue of $11.9 million, which was up 12.8% month-over-month. Unadjusted revenue before promotional credits were deducted was up $300,000 from the previous month.
The Nutmeg State operators saw their hold jump from 8.6% in April to 10.9% in May, and tax revenue increased by $200,000 to $1.6 million.
FanDuel’s handle slips under $50 million
Connecticut’s online wagers comprised 92% of the overall handle with FanDuel leading the way in wagers accepted at $43.7 million.
It marked the first time since Aug. 2022 that the sportsbook giant produced a handle under $50 million. However, it still raked in $5.8 million in revenue — a 16% month-over-month increase — for a win rate of 12%, which was up from April’s 11.2%.
DraftKings suffered its second consecutive month of a handle under $50 million, with wagers topping out at $43.7 million. The operator’s hold just came under 10% and produced $4.3 million in revenue.
SugarHouse, which is scheduled to exit Connecticut once a new operator is selected by the Connecticut Lottery Corporation, recorded a revenue of $692,805 on a handle of $9.7 million for a 7.1% win rate.
The 15 retail locations, which the CLC runs, produced an impressive hold of 15.5% on a handle of $7.7 million, which was down 7% month-over-month, for revenue of $1.2 million.
