Connecticut Now The 18th State To Surpass $1B Lifetime Betting Handle

by | Jul 20, 2022 1:09 pm | Revenue | 0 comments

Connecticut Now The 18th State To Surpass $1B Lifetime Betting Handle

Connecticut Sportsbook

  • The Connecticut Department of Consumer Protection reported that $95.4 million was wagered on sports in June 2022.
  • This betting total pushed the lifetime betting handle in Connecticut to $1.08 billion.
  • Connecticut is now only the 18th state to surpass $1 billion in lifetime betting handle.

HARTFORD, Conn. – Connecticut has officially surpassed the $1 billion lifetime betting handle mark after launching in October 2021.

June 2022 saw $95.4 million wagered at local sportsbooks which now brings the lifetime betting handle total to $1.08 billion in the Nutmeg State.

Connecticut is now only the 18th state to surpass $1 billion in lifetime betting handle. The sports betting market in Connecticut has proven to be a successful one.

Connecticut Betting Revenue

The Connecticut Department of Consumer Protection report shows tat June’s betting handle is actually down 17% month over month. Sportsbooks saw $115.1 million in betting handle in May.

The market was dominated by DraftKings which saw $41.1 million of the total betting handle with FanDuel coming in second off of a $38.8 million betting handle.

PlaySugarHouse came in third with $9 billion in bets and the Connecticut Lottery reported $6.6 million coming from retail sportsbooks. Sportsbooks also reported $5.9 million in sports betting revenue. This is off of a 6.6% hold rate.

FanDuel actually took in the most betting revenue at $3.1 million with DraftKings seeing $2.3 million. PlaySugarHouse saw just $444,003 in betting revenue.

The state took in approximately $671,672 in taxes from online and retail sportsbooks off of a 13.75% tax rate. The taxes came following deductibles from promotions and free bets given by sportsbooks.

Connecticut Betting Success

In under a year, Connecticut sportsbooks managed to see over $1 billion in bets, showing how the market is thriving.

The Connecticut market is only expected to continue to see success as the NFL season approaches. The 2022 NFL season will be the first full NFL season that Connecticut will have regulated betting available.

Connecticut could eclipse its first-year betting handle easily.

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