Connecticut has shattered its sports betting revenue record with a remarkable $30.3 million in gross revenue for November, setting a new high just a month after breaking the wagering record. The state’s three online sportsbooks and two retail wagering locations have proven their increasing success, marking a new milestone in the state’s expanding sports betting market.
A Record-Breaking November for Connecticut
The state’s impressive revenue comes after a month that saw the amount wagered reach $228.2 million, which, while just shy of October’s record $229.5 million, represents a 10.9% increase from the same time last year. November’s gross hold, amounting to $30.3 million, surpassed the previous record set in September, which stood at $26.6 million. With adjusted revenue of $25.5 million—a staggering 147% increase compared to the previous year—Connecticut’s sports betting industry is clearly on the rise.
The state’s betting operators achieved an exceptional 13.3% hold on gross revenue in November, marking their second-highest-ever performance. The adjusted revenue win rate was equally impressive, with a record 11.2% on adjusted revenue. For the state’s economy, the result is promising, with $3.5 million in tax revenue generated in November alone, up from October’s $2.1 million.
FanDuel Dominates the Market
FanDuel has claimed the top spot for Connecticut’s highest monthly revenue, setting a new record for the most ever earned in a single month by any operator in the state. With $13.1 million in gross revenue from a $98.4 million handle, FanDuel’s dominance in Connecticut’s sports betting scene is undeniable. This marks the second consecutive month that FanDuel has come in first, with its $98.4 million handle far outstripping the competition. It’s a significant achievement for the sportsbook, which continues to outperform its rivals in both revenue and wagering volume.
DraftKings also reported strong performance, generating $11.8 million in revenue from a $91.2 million handle. With a hold of over 12.9%, DraftKings has shown itself to be a consistent contender in Connecticut’s competitive sports betting market. Meanwhile, Fanatics Sportsbook, a newer player on the scene, earned $3.9 million from a $28.4 million handle.
- FanDuel: $98.4 million handle, $13.1 million revenue
- DraftKings: $91.2 million handle, $11.8 million revenue
- Fanatics Sportsbook: $28.4 million handle, $3.9 million revenue
The total gross revenue from these three online sportsbooks amounted to $28.8 million, accounting for the lion’s share of the state’s overall sports betting revenue for November.
Retail Sportsbooks See Slight Dip
While Connecticut’s retail sportsbooks did not experience the same level of growth as their online counterparts, they still played an important role in the state’s November performance. Combined, the retail sportsbooks generated $10.1 million in November revenue, a slight dip of about $700,000 from October.
Despite this decrease, in-person wagers still accounted for a significant portion of the total handle. The retail sportsbooks enjoyed a 15.3% hold on wagers, resulting in $1.6 million in revenue. Notably, the Connecticut Lottery’s partnership with Fanatics Sportsbook drove most of the retail action, contributing $9.8 million of the total $10.1 million in retail revenue. The XL Center, another retail location, generated over $62,000 in revenue from a more than $372,000 handle.
Retail sportsbooks might not be growing as fast as the online sector, but their continued contribution is a reminder of how important physical locations remain to the overall betting ecosystem.
Connecticut’s Growing Sports Betting Market
The state’s success in November further cements Connecticut’s growing prominence in the sports betting industry. The state has seen continued growth in both wagering volume and revenue, driven by the popularity of its online sportsbooks. Despite the slight decline in retail revenue, the total market performance indicates that sports betting has become an increasingly important part of Connecticut’s economy.
With a competitive online market, especially dominated by FanDuel and DraftKings, Connecticut’s sports betting scene shows no signs of slowing down. And with tax revenues pouring into state coffers, the long-term financial impact will likely continue to provide significant benefits.
