Connecticut November Sports Betting Handle Surpasses $200 Million
Connecticut sportsbooks saw $205.7 million in wagers for November 2023. This marks a 7.9% increase in wagers month over month compared to October’s $189.4 million. Connecticut’s market was dominated by local sportsbooks, which were responsible for 93.6% of the total betting market. Let’s take a look at the revenue breakdown for Connecticut sports betting.
Connecticut Online Sportsbooks Dominate
The report released by the Department of Consumer Protection revealed that $192.6 million of the total wagers came from online operators in Connecticut. The remaining $13.2 million came from retail locals. Sportsbooks in Connecticut reported 12.9 million in revenue off of a 6.27% hold rate.
Connecticut’s betting market contributed $1.4 million in taxes to the state. This is a decrease month over month compared to the $2.2 million in taxes garnered in October. While November saw a higher betting handle, October saw a larger hold rate from operators.
2023: A Strong Year For Connecticut Sports Betting
With the year coming to a close, we have a clear picture of the state of the betting market in Connecticut. The market reported $16.88 million in tax revenue so far this year. The active betting market in Connecticut has proven to be a major asset to the state’s coffers.
2023 has proven to be the most profitable sports betting year for the Constitution State. The market is showing no signs of slowing down either. Sports betting nationwide has grown in popularity, and Connecticut has been a reaper of the benefits.
For three consecutive months, there has been an increase in betting activity at Connecticut sportsbooks, both online and retail. The NFL season is a clear indicator of when sports betting began to spike. The market should continue to see this level of increase through April.
With the NFL postseason, NCAAF Bowl Games, and NCAA March Madness Tournaments on the horizon, Connecticut is set to have a steady stream of action. The Connecticut sports betting market is heading into the apex of wagering season with solid momentum.