Connecticut Sports Betting Handle Impresses in First Month
The legal sports betting industry in the state of Connecticut has only existed since the middle of October, and it has already brought in an insane amount of revenue for the state and for the official casinos and sportsbooks of the state.
Connecticut Sports Betting
Connecticut sports betting has done extremely well since its official launch. According to the Department of Consumer Protection, the state really raked in the big bucks in its first month. The three official sportsbooks of the state, which are FanDuel Sportsbook, Play SugarHouse, and DraftKings Sportsbook, have amassed a total handle of $54.6 million in the first three weeks after the October 12th sportsbook soft launch.
These three sportsbooks reported a gross revenue of $4.9 million. DraftKings Sportsbook, based in Foxwoods Casino, making approximately $3.6 million, which is three-quarters of that total amount. According to Gambling.com, of the $23.8 million placed on bets, the sportsbook had a total win rate of 15.1%. Throughout the initial 20 days of legal betting, sports betting revenue for the state added up to $512,951, thanks to the 13.75% tax rate.
FanDuel Sportsbook, which is a partnership with the Mohegan Sun Casino, made the most money, amassing a little bit less than $27.1 million and $812,707 in gross gaming revenue for a 3% hold. Play SugarHouse, which is partnered with the statewide Connecticut Lottery, had a $3.8 million handle and a 13.2% hold, amassing $498,425 in gross gaming revenue.
Connecticut Governor Ned Lamont talked a little bit about what this fantastic first month of Connecticut sports betting means for the future of the industry. “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,” he said, “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.”
Mashantucket Pequot Tribal Chairman Rodney Butler also seemed to be very enthusiastic about these early numbers. “We’re encouraged by the early results showing a clear enthusiasm and interest in online sports betting and gaming in Connecticut,” he said in a statement, “We’re proud to deliver new gaming experiences with DraftKings that also drive valuable revenue to the state. The engagement sets a promising benchmark and we expect the momentum to only build as more consumers get in on the action, and the NFL season peaks over the coming months.”
The legal sports betting industry in Connecticut is off to a fantastic start, and it seems like officials are extremely pleased with the numbers they have pulled. It also seems like the public enjoys what Connecticut has to offer in the new sports betting arena. This industry has nowhere to go but up. Exciting things are in store for the future in Connecticut.
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