Connecticut Sports Betting Jumps By Half Again For May

The small but mighty Connecticut sports betting market is defying its diminutive size with impressive growth and performance. Despite being one of the least populous states in the nation, the Nutmeg State has managed to carve out a significant niche for itself in the world of sports wagering, consistently delivering remarkable results that belie its stature.

With a total sports betting handle of $1.762 billion reported in 2023, showcasing its ability to punch above its weight.

The online sports betting segment has been the driving force behind Connecticut’s sports betting success. While the state boasts only three online sportsbooks, this trio has managed to generate an impressive $16.16 million in revenue from a $155.55 million total online handle in May 2024, thanks to a remarkable 10.39% hold.

Leading the pack are industry giants FanDuel and DraftKings, which together accounted for a staggering 88% of the state’s online sports betting activity in May, solidifying their dominance in the market. However, the recent entry of Fanatics into the Connecticut sports betting landscape has also made waves, with the newcomer booking an $18.82 million handle, a remarkable 33% month-over-month increase.

While online sports betting has undoubtedly been the star of the show, Connecticut’s retail sportsbooks have also played a significant role in the state’s overall sports betting success. In May 2024, the two retail operators, Fanatics and the Connecticut Lottery, collectively generated $8.1 million in bets and over $990,600 in revenue, showcasing the continued appeal of in-person sports wagering.

The Fanatics-Connecticut Lottery retail partnership has been particularly fruitful, accounting for $7.84 million of the total retail handle last month and generating $3.91 million in year-to-date revenue from a $38.77 million in wagers.

Connecticut’s sports betting industry has experienced impressive growth, with the state reporting a betting handle of $163.6 million for May 2024, a 49.6% year-over-year increase from May 2023. This impressive performance puts the total Connecticut sports betting handle at $873.8 million year-to-date, a 24.8% rise from the same period last year.

May’s handle is the 10th best in the state over the last 32 months of reporting and the third-highest in the current calendar year, underscoring the consistency and resilience of the market. Even in the face of a slight dip in April, the industry quickly bounced back, recording a 4.4% month-over-month boost in handle and a 5.7% jump in revenue in May.

The growth in Connecticut’s sports betting industry has also translated into significant tax revenue for the state. In May 2024, the state coffers pocketed $1.97 million in tax income, bringing the year-to-date tax contribution from sports betting in Connecticut to more than $10.4 million.