Handle for Sports Betting in Connecticut Almost Doubles from Last Year

Last updated on June 29th, 2024 at 02:24 pm

Sports Betting in Connecticut Almost Doubles from Last YearThe Connecticut sports betting market is not as large as other states like Nevada, Ohio, or New Jersey. It’s rare to see the state boast of a high enough handle to even come close to what other states see. In fact, the monthly handle of Connecticut is probably comparable to the New York weekly sports betting handle. But just because they are a small market, it does not mean it’s not lucrative, or its not growing. In fact, sports betting in Connecticut almost doubles in handle from the same period last year.

The state’s regulatory body, the Connecticut Department of Consumer Protection, reports that the total betting handle for the month of May is at $163.6 million. This amount is 49.6% higher than that of May 2023. The massive year-on-year increase only proves how much the sports betting industry in the country continues to grow- and is not at its peak yet.

Report on Sports Betting in Connecticut this May

Sports betting in the Nutmeg state is far from shabby. Last year, they recorded a $1.762 billion handle. This year, so far, they are at $873.8 million. This is 24.8% higher than the same period from last year.

The handle for May is also the 10th best handle that the state has seen in the last 32 months. It’s the third-highest betting handle in the 2024 calendar year as well. The handle had a 10.5% hold, thus generating $17.1 in revenue.

When you are learning how to become a bookie, you will need to keep track of your sportsbook’s numbers as well. This is important in finding out how much your sportsbook earns, and which betting products are popular, and when people are most active at betting.

Betting Trends in the State

Sports Betting in Connecticut Almost Doubles from Last YearThe trends are there to help you identify when your sportsbook is busy and when it is unnaturally not active. With a sports calendar that changes throughout the year, sports betting activity tends to peak with busier months. If you use the best sportsbook pay per head software to chart your sportsbook’s activity alongside the calendar, you can see if your sportsbook is running as it should.

During this time of the year, you have less US sports running, since football and college sports are in the offseason. Thus, it’s expected to see the handle dip after March Madness. April was the lowest month for sportsbooks in the state, tagging the lowest handle for the year. So May’s increase is a welcome surprise, jumping up by 4.4% month-on-month. Revenue, meanwhile, increased by 5.7% month-on-month.

Online Versus Retail Sports Betting in Connecticut

For sportsbooks in Connecticut, we have three online sportsbooks, plus two brick-and-mortar sportsbooks. Online sportsbooks are more popular, generating $16.16 million in revenue from their $155.55 million handle. Retail sportsbooks have an $8.1 million handle, generating $990,600 in revenue.

Changes in Regulations on Sports Betting

Over the past few months, the NCAA has been vocal in its campaign to request that individual player prop bets on college sports be banned across markets throughout the country. Connecticut currently allows player props on college sports but does not include teams within the state.

With the state not having any professional sports league, a lot of local bettors look to betting on local college sports teams. More regulations on this could affect the handle, especially since they are already limited to betting on out-of-state schools.  We’ve yet to see if there will be legislation implementing an outright ban on all player prop bets.

 

Get a Free Trial of the Best Bookie Software at Price Per Player Here!

Bookie Pay Per Head Service