The FanDuel bettered its own state record for monthly winnings.
The figure made December’s $22.4 million haul for operators — the first time it sured $20 million — a short-lived record. Gross winnings were up 41.5% from January 2023 and 10.9% from December as operators finished with a collective 12.3% hold.
Handle totaled $202.8 million, the third-largest in 28 months of wagering as the Nutmeg State cleared $200 million for the third consecutive month. It was a 20.9% increase from the first month of 2023, but 4.4% lower than the record $212.2 million worth of accepted wagers to close out last year.
The state was able to levy taxes on more than $20.8 million in adjusted gross revenue, generating $2.9 million in tax receipts. Total promotional spend from the three Fanatics Sportsbook conducting its first full month of wagering — totaled $6.6 million.
That was the second-highest total in state history behind the nearly $7.2 million in promotional bonuses and credits in December. FanDuel ed for more than half that total with $4.1 million, and the trio of operators was able to deduct $3.5 million of that spend collectively against their gross revenue.
FanDuel starts 2024 where it finished 2023 6y1p5v
Running January/2024 YTD Top 10 #SportsBetting revenue by state:
1 New York $211.71M
2 Maryland $80M
3 Mass. $72.72M
4 Indiana $53.47M
5 CONN. $24.86M
6 Iowa $22.06M
7 Kansas $20.86M
8 Oregon $9.49M
9 West Virginia $6.02M
10 Maine $5.55M#SportsBettingX #GamblingX— Chris Altruda (@AlTruda73) February 16, 2024
After closing out 2023 by becoming the first mobile sportsbook to post an eight-figure monthly revenue, FanDuel started 2024 in blazing fashion with $13.1 million in gross winnings thanks to a 13.6% hold against $96.5 million handle. It was the ninth time in the last 11 months FanDuel notched a win rate of 11% or better and the third consecutive month it accepted more than $90 million worth of bets. Its promotional spend as a percentage of handle, though, eclipsed 4% for the first time since September 2022.
DraftKings also bettered its monthly revenue record in Connecticut for a second straight month, climbing to nearly $9.7 million. It had an 11.5% hold — just the third time it reached double digits in back-to-back months — while handle totaled $84.1 million.
The two online leviathans are separated by less than $27 million in all-time handle in Connecticut, as both have cleared $1.6 billion in accepted wagers. FanDuel, though, has generated $30.8 million more in gross revenue.
Fanatics Sportsbook, which succeeded operator of the Connecticut Lottery in December, claimed $1.1 million in winnings from $12.6 million handle, good for an 8.8% hold. Handle was practically flat from December but slipped 22.8% from the all-time high of $16.3 million generated in the opening month of 2023. Fanatics made efforts to attract bettors to their platform as $615,000 in credits and bonuses ed for nearly 4.9% of its January handle.
The XL Center takes small steps forward 39471g
The XL Center, home to the Hartford Wolf Pack of the AHL and a good portion of men’s and women’s college basketball games for Connecticut, had all-time monthly highs of $58,336 in revenue and $394,308 handle in its fourth full month with retail wagering available.
The venue, which will reportedly run a six-figure deficit for the fiscal year, will get arguably its biggest game since it started taking bets in September on Saturday when the top-ranked Huskies host No. 4 Marquette on the men’s side.
Overall, retail handle totaled $9.5 million in January as Fanatics narrowly missed a 10% hold by claiming $944,000 in gross winnings. Action was down nearly 18% from January 2023 but ticked 1.6% higher from December.
