Connecticut sports betting revenue up 60% despite handle drop

Connecticut sports betting revenue jumped 60% year on year (YOY) in May 2023 to $14.9m, according to the latest data from the Connecticut Department of Consumer Protection (DCP) Gaming Division.

Delivering its report on the month, the DCP attributed the increase to a combination of favorable sports results and improved sportsbook margins for the state’s operators.

The result betters those achieved in May 2022 when the state generated $9.5m in revenue.

Connecticut sportsbook handle came in at $109.4m in May, down 5% YOY and 13.6% month over month, the lowest figure reported since August 2022.

FanDuel’s partnership with the Mohegan Tribe continues to deliver a market lead in the Constitution State, generating $7.4m of the $14.9m revenue total, or 54% of the market.

Longtime rival DraftKings, together with its tribal partner the Mashantucket Pequot Tribe, generated $5.4m in revenue, or 39.6% of market share, in May.

The Connecticut Lottery Corporation’s (CLC) partnership with Rush Street Interactive (RSI) propped up the Connecticut market, generating just under $1m in revenue and holding a 6.5% share of the market.

The CLC is currently in the process of selecting a new sports betting partner, following confirmation of an end to its current partnership with RSI in April 2024.

RSI’s replacement is expected to be announced in the fall, with operators submitting tender proposals to the lottery entity to run the sportsbook on behalf of the state-owned licensee.

Away from sports betting, Connecticut’s igaming operators generated $32.8m in gross gambling revenue (GGR) during the month.