The Connecticut Department of Consumer Protection reported sports betting handle of nearly $141 million for the month of March, as operators bounced back from a sluggish February.
Handle climbed 21.7% compared to February’s total of $115.6 million and was the third highest of the six months since the state’s October launch. The first three months of the year have seen a combined $414.4 million in wagers, representing more than 55% of the overall $750.9 million in handle to date.
Additionally, more Nutmeg State bettors were wagering with their own money versus using promotional credits. Free bets totaled less than $2.4 million in March, accounting for 1.8% of mobile handle and 1.7% overall. It was the lowest monthly total since launch, and the $24.4 million in such wagers represented 3.3% of all bets placed.
Running Top 10 #SportsBetting handle for March by state:
1 New York: $1.64B
2 New Jersey: $1.12B
3 Pennsylvania: $714.98M
4 Michigan: $477.97M
5 Indiana: $476.8M
6 Tennessee: $370.2M
7 Iowa: $233.5M
*8 Louisiana $232.7M
9 CONNECTICUT $140.7M <—NEW
10 West Virginia: $51.7M— Chris Altruda (@AlTruda73) April 19, 2022
Gross operator revenue finished just shy of $9.8 million, which was more than double February’s total of $4.7 million. The overall win rate was close to the industry standard of 7%, but was nearly three percentage points higher than February.
All three mobile operators — FanDuel, DraftKings, and PlaySugarHouse — took their full allocation of 25% for promotional revenue, which totaled more than $2.2 million. The state was left with more than $7.5 million in adjusted revenue eligible for taxation, which provided slightly more than $1 million in receipts.
FanDuel, DraftKings split top honors
The Department of Consumer Protection does not break out handle and revenue for operator by sport, but FanDuel paced the trio of mobile sportsbooks with close to $4.7 million in revenue on an 8.3% hold from $56.3 million in wagers. DraftKings reported $61.5 million handle, but its win rate was 5.4%, resulting in $3.3 million in revenue.
PlaySugarHouse, the Connecticut Lottery’s mobile partner, took in nearly $960,000 in revenue from $14.1 million bet. The state lottery had another $827,609 in retail sports betting revenue from $8.8 million wagered, as the in-person hold was a healthy 9.4%.
The three mobile operators have claimed more than $5.8 million in promotional credits through the first three months of the year, a notably slower pace than the $7.1 million claimed in the first three months of wagering. Operators can claim up to 25% for the first full year of wagering, with the percentage dropping by five points during each ensuing 12-month period until it zeroes out.
