Connecticut sportsbooks were able to take in $167.7 million for the month of January. This is a great way to continue the streak of the local betting market, showing us how sports betting continues to gain traction. According to the latest report by the Connecticut Department of Consumer Protection, we are seeing a 6.1% yearly increase on betting. We are also seeing a 4.6% increase in handle from the previous month. While the numbers seem a little low compared to other betting markets across the country, there’s actually only four sportsbooks operating in the state currently. One of which, is a retail sportsbook.
Using bookie software is still the more popular option for the state. Online sportsbooks took in 93.1% of the total betting handle. It is also the source of 91.7% of the gross gaming revenue, or GGR. However, retail sports betting actually did very well in January with $11.6 million in wagers for the month.
Maintaining a good bookie-customer relationship is easier with retail sportsbooks, and Connecticut bettors have been spending over $100 million each month in wagers for the last four months.
Connecticut Sportsbooks in January
Looking at revenue, which is important for any bookie that uses a pay per head sportsbook, sportsbooks in Connecticut are also enjoying an increase in revenue. The total gross gaming revenue for sportsbooks during the month is just below $14 million. This gives us an 8.3% win rate for operators. The gross gaming revenue is 10.8% higher than December’s, while the hold percentage is also slightly better compared to December’s 7.8%.
If you look at the historical data, you will see that January’s total sports betting handle breaks the previous record. The highest that the state’s sportsbooks set was back in November of last year which is $165 million. And if you combine the handle from previous months, we are now past $1 billion in bets. Truly, a feat for a relatively small betting market.
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