Connecticut handle reaches $54.6m in first month of sports betting

According to the Department of Consumer Protection, the state’s three sports betting operators reported gross gaming revenue of $4.9m for October.

US.- Connecticut’s three sports betting operators, DraftKings, FanDuel, and SugarHouse, took more than $54.6m in wagers in a span of just under three weeks after the first bets were accepted on October 12. The trio of sportsbooks reported gross gaming revenue of $4.9m.

Throughout the initial 20 days of legal betting, sports betting revenue for the state added up to $512,951 through a 13.75 per cent tax rate.

DraftKings topped the ranking when it came to revenue with approximately $3.6m, about 75 per cent of all revenue. With $23.8m placed on bets, the sportsbook had a total win rate of 15.1 per cent. 

Connecticut governor Ned Lamont said in a statement: “This first revenue collection for our state reinforces the process and approach by my administration when it came to ensuring our sports betting and iCasino platforms worked seamlessly for consumers.” 

“We worked tirelessly with our casino and state partners to ensure Connecticut consumers would have positive user experiences across platforms and that is exactly what these results illustrate. We’re off to a great start with this new gaming marketplace and we’re looking forward to years of success,” the governor added.

For the first month of igaming, DraftKings and FanDuel went head-to-head as the only two platforms in the state. Their combined handle reached $312.9m and revenue $6.6m. DraftKings came out on top in both handle and revenue, with gross revenue of $4.8m to FanDuel’s $4m. Both set aside 25 per cent as promotional play. The state claimed close to $1.2m in tax receipts through an 18 per cent tax rate.

See also: Connecticut sports betting goes live