The sportsbook and lounge at the XL Center in Hartford, Connecticut, has found it challenging to gain traction in its first months of operation, according to a report from the Connecticut Capital Region Development Authority.
The CRDA reported total net operational losses for the venue at $284,000 through December since opening in late September. The sportsbook itself generated roughly $18,000 in net revenue in that span, which is approximately 13.7% of the $131,006 in adjusted gross sports betting revenue reported from the $937,000-plus bet at the XL Center.
The CRDA cited multiple factors in the slow start, which included the mobile betting. Another was the lack of weekday traffic around the XL Center, though the lounge and sportsbook have proven popular on weekends and game days involving the UConn men’s and women’s basketball teams, as well as the Hartford Wolf Pack of the American Hockey League.
The current losses project to a fiscal-year deficit ranging from $600,000 to $750,000. According to the Hartford Business Journal, CRDA Executive Director Michael Friemuth said at last week’s board meeting that the XL Center sportsbook and lounge was originally projected to lose approximately $400,000 during its first year of business.
“During game days, you can’t get into the sports book,” Freimuth said. “It’s jammed to capacity. The problem is Tuesday after 3 p.m., when traffic is nonexistent. You have to carry this facility on a seven-day, 12-hour basis.”
The Connecticut Lottery, which offers retail sports wagering at the XL Center and 10 other locations, generated $111 million handle from in-person wagering in 2023, up 12.5% from 2022. It posted a 10.3% hold to claim $11.4 million in gross revenue — an increase of 17.8% year-over-year.
Overall, the Nutmeg State closed 2023 with four consecutive months of record handle, reaching $212.2 million in December. Its $22.4 million in gross revenue to end the year was also an all-time high in 27 months of betting since launch in October 2021.
