Connecticut Continues to See Huge Year-Over-Year Sports Betting Gains

Our best sports betting sites in Connecticut continued to grow rapidly in July.

For the third consecutive month, Connecticut sports betting apps and the state’s retail providers posted huge annual gains in overall handle and revenues.

The legal Connecticut sports betting figures offer some welcome news for the state’s industry during an annual summer slowdown period in which competing jurisdictions’ month-over-month declines have dominated the headlines.

Thanks to a high hold rate, which has seemingly become customary for the best sportsbooks nationwide, revenues actually climbed month over month in July.

DraftKings and FanDuel locked in for a familiar battle for the top Connecticut sports betting app, with DraftKings leading the way for the second straight month.

July handle 

According to the Connecticut Department of Consumer Protection July report, Connecticut bettors spent $121.8 million with the state’s legal sports betting providers last month.

While overall wagering activity in the Nutmeg State did drop 18% month-over-month from $148.56 million in June, last month’s wagering totals are a 33% year-over-year improvement from the $91.5 million in accepted wagers from last July.

It was the third consecutive month of hefty year-over-year gains for Connecticut's legal sports betting sector. May saw a 49% year-over-year spike in betting, and June 2024’s totals were a 62% improvement from last year. Bettors are clearly taking advantage of Connecticut sportsbook promos.

Sports betting apps were responsible for $116.4 million of the overall $121.8 million July handle with retail making up the balance.

Gross revenue

Sports betting providers claimed $15.1 million in gross revenues in July. This is a 42% year-over-year increase in profits and a slight increase month-over-month in revenues.

Connecticut’s best sportsbooks held a combined 12.4% in July, which fell to 10.4% after adjustments and about $3 million in promotional credits.

Tax revenue for the state from $12.7 million in adjusted revenue was $1.7 million. Year-to-date, Connecticut sportsbooks have contributed $13.8 million to needy state and local tax coffers.

Split decision on top sportsbook

DraftKings Connecticut and FanDuel Connecticut each notched a win in the Nutmeg State market in July. DraftKings accepted the most bets, and FanDuel claimed the top spot for revenues.

DraftKings took in $52.8 million worth of wagers in July and reported $5.8 million in revenues from an 11% win rate. FanDuel reported $49 million in July bets with $7.2 million in revenues off a lofty-state-high hold of 14.7%.

Fanatics finished third and had a decent month. While the other two experienced month-over-month declines in handle, Fanatics saw $14.6 million in bets, about the same amount as June, and reported $1.6 million in revenue, up $400K from June’s totals.