Connecticut sportsbooks are enjoying the boost on sports betting activity in August. This is mostly due to baseball season heating up. Plus of course Olympics betting and some pre-season football action. The total handle for August grew by 6% compared to July, reaching $129.2 million. Connecticut’s sports betting operators generated $13.66 million in revenue from that total, translating to a 10.6% hold. The state collected $1.58 million in tax revenue from these activities.
Connecticut Sportsbooks in Numbers
Given the increase in handle and a good hold percentage, what does this mean for sportsbooks in the state? Essentially, the month-on-month growth in handle mostly reflects the betting trends and the sports calendar. A busier month in sports tends to lead to an increase in monthly handle. The hold percentage at the double digits means that sportsbooks get to keep more from the action, therefore collecting higher revenue as well.
When you manage your own online sportsbook, you must also keep track of your operations. This Sportsbook PPH service can provide you with the software you will need to track your handle, hold percentage, and revenue easily.
In addition, Connecticut sportsbooks have achieved a double-digit hold in five of the first eight months of 2024, according to the latest wagering data from the Connecticut Department of Consumer Protection.
Growth in the Connecticut Sports Betting Industry
Despite having only three online sportsbooks, Connecticut’s sports betting market continues to expand annually. Handle has grown by 41.4%, and revenue has seen a 47.9% increase year-over-year. This comparison gives us an idea of how much more volume in betting and revenue we are getting this year, compared with August of last year. This is data that you can collect yourself from your bookie software provider. With the right betting software development tools, you can generate accurate data and see how you can improve your operations even more.
Looking at the year-to-date data, Connecticut’s sports betting market has recorded a 30.7% increase in bets compared to the same period in 2023. This gives us a total handle of $1.27 billion for the first eight months of 2024. Operators have also seen a 32% rise in YTD revenue compared to the previous year, despite a 13.86% month-over-month drop from July, when they achieved a 13% hold. And since we are only about to enter the busiest season of the year in terms of sports betting, we expect these numbers to climb higher.
Even with a busy sports betting season now that football has started, you can easily handle the action in your sportsbook. The essential bookie software features of your provider will help you manage your players and betting lines easily. Who knows, you may even see as much growth in betting and revenue as Connecticut sportsbooks do.
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