While Connecticut’s legal sports betting numbers fell well short of this year’s highs, compared to June there are signs that better times are coming to the Nutmeg State.
Connecticut Department of Consumer Protection announced that July’s handle was nearly identical to June. Last month saw $91.5 million in wagers compared to June’s $91.4 million. But July’s revenue came back much higher than the previous month.
Connecticut’s sportsbooks, both retail and online sports betting sites, reported $10.3 million in unadjusted revenue, which was nearly 20% higher than June’s $8.6 million. The jump in profits was thanks to an increase in the hold percentage, where operators kept roughly 11% of the bets they took in.
And when the sportsbooks win so too do the state coffers. The tax bill in July came back above $1 million, hitting $1.2 million thanks to increased profits from DraftKings and the state’s retail locations. DraftKings saw their revenue climb 47% month over month and the retail market as a whole increased by 163% versus June.
Retail operators, while they increased their revenue, saw a drop in action last month. July’s $5.9 million in wagers is the lowest reported by the brick-and-mortar locations since sports betting launched.
DraftKings leap frogs FanDuel
For the first time since March 2023 DraftKings saw more action than rival FanDuel.
DraftKings reported $39.9 million in wagers, which was a 15% increase while FanDuel saw their handle fall 11% to $36.3 million.
SugarHouse, who has always been well behind the other 2 operators, saw a slight increase in their wagers. After $8.5 million in bets in June, July saw a boost to $9.2 million.
Revenue-wise all 3 online operators saw their revenue improve compared to June.