The soft launch of Connecticut sports betting in October produced positive results. According to the Department of Consumer Protection, sportsbooks generated $54.6 million in their first month of operations.
FanDuel, SugarHouse, and DraftKings started accepting wagers on October 12. They earned a gross gaming revenue of $4.9 million in three weeks. Also, DraftKings got around 75 percent of the revenue, which was nearly $3.6 million. According to gambling industry news, it had a win rate of 15.1 percent on a $23.8 million handle.
On the other hand, FanDuel received the most handle at nearly $27.1 million. Also, they earned $812,000 in gross gaming revenue. SugarHouse operated its retail sports betting via the Connecticut Lottery. It had a handle of $3.8 million and earned almost $500,000.
Connecticut Sports Betting
The three sports betting operators set aside 25 percent of their revenue via promotional play. As a result, Connecticut earned $3.7 million in adjusted income. Also, the state’s 13.75 percent tax rate on sports wagering resulted in around $512,000 for the 20 days of betting in October.
Governor Ned Lamont said that the first revenue collection reinforced his administration’s process regarding sports betting and online casinos. Also, they worked hard with their casino partners and sports betting software providers to make sure players get a positive gambling experience across different platforms.
FanDuel and DraftKings were the only two platforms in the state’s first month of online sports betting. DraftKings came on top in revenue and handle. Also, both platforms earned impressive handle in three weeks. They got a total handle of $313 million.
DraftKings earned $e4.8 million. On the other hand, FanDuel earned $4 million. Also, both sportsbooks set aside 25 percent for promotional play. As a result, they combined for over $6.6 million in adjusted revenue. In addition, the state earned $1.2 million in taxes. Online sports betting has a tax rate of 18 percent.
