Sports betting in Connecticut saw a massive jump in September revenue, according to data released by the Connecticut Department of Consumer Protection on Monday.
Not only was there more money wagered in September, but bettors also took less of it home — the hold percentage for online sportsbooks increased to 13.3% last month, up from 12.6% in August and 9.8% in July.
Despite taking in more bets, FanDuel still led in the win/loss column, after paying out winning tickets — as FanDuel (pre-tax) came away with $7.3 million in revenue, while DraftKings had $7.1 million and SugarHouse had $1.1 million.
Record breaking September
For each online sportsbook, September’s handle was their highest since January, while on the retail side it was the highest handle since launch — and if 2021 is any indication, there is more betting ahead in the Constitution State with the NBA and NHL seasons kicking off in October and the World Cup set to kick off in November.
September’s revenue numbers for DraftKings and SugarHouse were also their highest posted since Connecticut launched sports betting in October 2021. For FanDuel, last month’s revenue was the second highest ever — shy of November’s $8.1 million.
Connecticut coffers filling
Revenue-wise, retail sports betting is enjoying two straight months of increased profit in Connecticut, while the three online sportsbooks are also enjoying the growth trend — FanDuel is on a two-month streak while DraftKings and SugarHouse have boosted their revenue for three consecutive months.
Connecticut has a 13.75% tax on sports-betting revenue, and after accounting for the federal excise tax and deductions on promotional offers, over $1.7 million was paid to the state by operators in September — a roughly 30% increase from August’s tax bill which was just shy of $1.2 million.
Connecticut’s sports betting tax goes to the state’s general fund.