Connecticut Surpasses $200 Million in Sports Bets for the First Time in November

In November, the trend of increased sports betting activity in participating U.S. states made its way to Connecticut, where the state’s top sportsbooks saw record levels of overall sports wagering activity for the month.

In Connecticut, bettors joined others across the country in making use of sportsbook promotions and a wide range of sporting events to place bets on, including NFL, college football, NBA, and NHL games. As a result, the state’s monthly betting handle surpassed $200 million for the first time ever.

Continuing a trend of decreased November hold rates for American sportsbooks, bettors in Connecticut also saw success against legal sports betting providers. The Connecticut Department of Consumer Protection reported that betting sites experienced decreases in profits compared to the previous month. As a result, state and local tax revenues from sports wagering in November were lower than expected.

$205.5 million handle for Connecticut

In November, sports bettors in the state of Connecticut surpassed the previous monthly record by reaching a legal sports betting handle of $205.5 million, significantly boosting profits for both sports betting apps and retail providers.

The amount spent in November shows an increase of 8.5% from the $189.4 million spent in October. It is also more than $40 million higher than the $165 million spent at Connecticut sports betting sites in November 2022.

In November, Connecticut sports betting apps accounted for 93% of all sports wagering activity in the state.

Low hold keeps profits down

In November, bettors across the U.S. legal sports betting industry experienced success, including in Connecticut. Although overall wagering activity saw a significant increase, Connecticut sports betting apps still saw a decrease in revenues compared to the previous month.

The win rate for Connecticut sportsbooks dropped to 6.3% in November, marking the lowest rate since February 2022. This is a decrease from the 10.5% hold rate in October and the 10.8% hold rate in November 2022.

Connecticut sportsbook profits decreased compared to both the previous month and the previous year, while tax contributions in November were also disappointing.

Changes don’t result in much change

In Connecticut, only three online sportsbooks are currently operating. PlaySugarHouse, one of the three, ceased operations in November for the entire month. On December 18, Fanatics replaced the underperforming brand.

In Connecticut, the revenue headlines for November were dominated by the usual battle between FanDuel and DraftKings. FanDuel Connecticut came out on top, bouncing back from two consecutive second-place finishes to generate a state-high $90.4 million in bets. DraftKings Connecticut followed closely behind with $89.3 million in wagers for the month.

Despite its partnership with the state’s Lottery, PlaySugarHouse consistently lagged behind the two leading betting companies in Connecticut. The company only generated $12.7 million in wagers in November.

Connecticut Fanatics face a tough challenge in surpassing PlaySugarHouse’s market share. However, Fanatics has heavily invested in the regions where it operates and offers state bettors a top-notch Rewards Program.