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November 1, 2022
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November 2, 2022
It was a busy September for online casino and sports betting operators in Connecticut. It was also a lucrative one. The state’s Department of Consumer Protection reported record gross revenue totals in September, with online casino gaming seeing a notable surge in play and sportsbooks furthering the nationwide pounding of the betting public.
The $943.5 million in online casino bets for September made August’s record of $851.9 million a short-lived one. That contributed to a record $24.3 million in gross revenue, which easily cleared the previous $22.8 million established in April. After promotional credits and other deductions, the nearly $19 million adjusted income set a new standard, edging out the $18.8 million from January. The state collected more than $3.4 million in tax receipts, lifting its total to more than $28.6 million for the 2022 calendar year.
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On the sports wagering side, the handle surged 63.1% higher than in August to $130.5 million, putting the Nutmeg State over $1 billion for the calendar year. With the house doing boffo business on NFL wagering and posting an overall hold of 13%, operators claimed more than $16.9 million in gross revenue, topping the previous best of $16.3 million in February. Adjusted income also hit an all-time high of $12.9 million, with the state collecting close to $1.8 million in taxes.
The reports wrapped up the state’s first 12 months of iGaming and sports wagering. Overall, nearly $8.9 billion was wagered on online casino games, including more than $7 billion in 2022. Operators finished the 12 months with $246.1 million in gross revenue, good for a 2.8% hold on all disciplines. The adjusted income of $195.8 million led to $35.2 million in tax receipts.
Sportsbooks accepted nearly $1.4 billion in wagers for the first 12 months of activity, notching an 8.4% win rate to claim $114.3 million in gross revenue. Approximately 2.8% of that handle — $38.7 million — came from promotional play.
The eternal sports betting rivals both fared quite well regarding sports wagering in September, as FanDuel, DraftKings, and PlaySugarHouse eclipsed 10% win rates for the second straight month. FanDuel posted a 13.5% hold on close to a $53.8 million handle, resulting in nearly $7.3 million in gross revenue. Head-to-head, FanDuel had the highest gross income in seven of Connecticut’s first 12 months of wagering.
DraftKings could take solace in cracking the $7 million gross revenue barrier for the first time. They finished with more than $7.1 million on the strength of a 12.3% win rate from a $58.3 million handle. DraftKings took the handle crown in 10 of the first 12 months, accepting nearly $600 million worth of wagers, though less than $31 million separate the pair.
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