Sportsbooks in Connecticut achieved record-breaking numbers for the second straight month in October. The state’s Department of Consumer Protection reported a handle of $229.5 million, exceeding September’s previous record by 7% and showing a 20.5% increase from the previous year. However, an increase in betting handle does not directly translate to great revenue. A higher handle shows growth in the market, but we also have to look at the hold and revenue to see how much sportsbooks earned this October in Connecticut.
When you manage your own online software, its important for you to keep tabs on what is happening in the industry. Not only can you use your sports betting software to track your data, but you can compare it to other markets. This will be important in finding out if your sportsbook is performing similarly due to trends and market behavior, or if there are other factors affecting your sportsbook’s operations.
Sportsbooks in Connecticut Performs Well in October
This marks only the fourth time Connecticut’s sports betting handle has topped $210 million. While sportsbooks in the state generated $18.5 million in gross revenue, this represented a 5% decline from October 2023. The month’s 8.1% hold rate fell by over two percentage points year-over-year and five points from September. However, the dip is caused by more favorable outcomes for bettors. It was the lowest win rate recorded since November 2023, with adjusted revenue reaching $15.4 million at a 6.7% hold.
You too can check the hold rate of your sportsbook. You can learn more about sportsbook management from this sportsbook pay per head blog. When you gain insights on what data you need to analyze, you will be able to easy form strategies to increase your handle, and improve your sportsbook’s revenue.
State tax revenue decreased by nearly $1 million from September to $2.1 million, though Connecticut has still accumulated over $20 million in tax revenue year-to-date. The numbers we are seeing are quite decent, especially with the new records they are setting. With the sports calendar full all through winter, many are optimistic to see higher numbers for both sportsbooks and the state’s coffers. The NBA and college basketball, as well as the NHL are in full swing. The NFL and College football are keeping both bettors and bookies busy as well.
Retail Sports Betting in Connecticut
Connecticut allows both online sports betting and brick-and-mortar, or retail sports betting. Retail sportsbooks saw increased activity, with combined handles rising to $10.8 million from September’s $9.5 million. However, their win rate dropped from 13% to 7%, resulting in monthly revenue falling below $800,000. The Connecticut Lottery’s partnership with Fanatics dominated retail betting with $10.3 million in wagers, despite seeing a 43% month-over-month revenue decline. The XL Center contributed modestly, generating approximately $72,000 in revenue from a $486,000 handle.
As you can see, online sports betting still continues to take the largest share of the sports betting market. If you want to find a great sportsbook to bet on, check out this guide on how to choose an online sportsbook. Make sure to get one that offers you the best lines, with great bonuses to boot.
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