Connecticut Sports Betting Revenue, Handle and Taxes
Connecticut Gambling Trends
Connecticut Sports Betting Data
| Month | Handle | Handle Per Capita | Revenue | Hold | Taxes |
| December 2023 | $212,171,045 | $87 | $22,813,764 | 10.8% | $2,569,806 |
| November 2023 | $205,736,989 | $84 | $12,862,839 | 6.3% | $1,416,233 |
| October 2023 | $189,626,160 | $78 | $19,849,187 | 10.5% | $2,243,142 |
| September 2023 | $180,954,956 | $74 | $18,900,892 | 10.4% | $2,048,710 |
| August 2023 | $91,316,807 | $37 | $9,797,155 | 10.7% | $1,027,171 |
| July 2023 | $91,512,897 | $38 | $11,126,316 | 12.2% | $1,215,313 |
| June 2023 | $91,414,677 | $37 | $9,752,058 | 10.7% | $961,577 |
| May 2023 | $109,421,369 | $45 | $15,271,178 | 14% | $1,645,394 |
| April 2023 | $126,683,869 | $52 | $13,610,074 | 10.7% | $1,458,730 |
| March 2023 | $159,997,579 | $66 | $17,029,646 | 10.6% | $1,855,821 |
Connecticut Sports Betting Revenue
Connecticut legalized sports betting in May 2021, launched retail sports betting on September 30, 2021 and launched online sports betting a few weeks later in October. Although the sports betting presence in the Constitution State is relatively small, with just three online sportsbooks, it does feature two of the most respected betting sites worldwide in DraftKings and FanDuel.
Sitting in the New England region, Connecticut residents have a wealth of professional teams, from the Patriots to the Yankees and Red Sox for a state divided, as well as the beloved Connecticut Huskies national championship-winning men’s and women’s basketball teams.
Connecticut sports betting handle from October 2021 on is now over $2.64 billion. Connecticut sports betting revenue from that same starting point has now surpassed $265 million. Connecticut sports betting taxes have generated more than $26.6 million for the state to date.
More recently, Connecticut sports betting handle totalled $1,518.393,076 in 2022 and Connecticut sports betting handle for 2023 through June is just over $791 million. Connecticut sports betting revenue surpassed $135.5 million in 2022 and sits at more than $80.8 million through the first six months of 2023.
Below, we discuss Connecticut sports betting taxes and Connecticut sports betting revenue by state, as well as detail Connecticut sports betting revenue and Connecticut sports betting hold to show you how the state has fared financially since legalized sports betting launched.
Connecticut Sports Betting Taxes
Sports betting taxes are of great importance to bettors, who obviously want to keep as much of their winnings as possible. The CT sports betting tax rate currently sits at 13.75%, which is higher than 12 states and Washington, D.C., but lower than the national average of 19%. Connecticut sports betting taxes have generated more than $26.6 million to date. Despite the Connecticut sports betting tax rate of 13.75%, Connecticut sports betting revenue will continue to be high due to the passionate sports fan and sports betting base, and the numerous professional sports teams located nearby.
Connecticut Sports Betting Handle
Sports betting handle refers to the total amount of money that has been wagered by a specific population. Nationally, people are betting regularly on sports. The sports betting handle for the entire country in 2022 was over $93.7 billion, which was more than $36 billion more than 2021. The national 2023 sports betting handle through May was already at $40 billion. Sports betting continues to grow and grow and Connecticut sports betting revenue by state is impressive.
The most recent Connecticut sports betting handle came in at $91,414,677 million for June 2023. That was more than $18 million lower than May 2023, and $4 million lower than June 2022. The June 2023 total was the lowest in Connecticut since August 2022, when Connecticut sports betting handle totalled a little more than $78.5 million.
The summer months are typically the lowest across the country in terms of sports betting handle, with no live football or basketball to wager on, and that was true in Connecticut as well in 2022. The state averaged more than $126.5 million a month in Connecticut sports betting handle in 2022, but only averaged $84,092,665 for the months of June, July and August.
Connecticut Sports Betting Handle Per Capita
Connecticut is currently the 29th largest state in terms of population with just over 3.6 million residents. The Connecticut sports betting handle per capita in 2022 was $422, placing it 16th overall for states with legalized sports betting. Per capita in this sense is the annual sports betting handle of a state divided by that state’s population.
Connecticut Sports Betting Hold
Sports betting hold is defined as the percentage of money that a sportsbook keeps for every dollar wagered by users. For example, if a sportsbook has a monthly handle of $10 million and a revenue of $2 million, that means they paid out $8 million in winnings. That also means that the hold would be 20%.
Through six months of 2023, the Connecticut sports betting hold percentage is 10.42%, which is 1.52% higher than the Connecticut sports betting hold percentage from 2022, which was 8.9%. The Connecticut sports betting hold for 2023 is significantly higher than the national average, which is 9.05% year to date. The Connecticut sports betting hold percentage was considerably higher than the national average in 2022 as well, as that 8.9% was 0.8% higher than the national average of 8.1%.
FAQs
Yes, Connecticut sports betting taxes are imposed on all Connecticut residents who participate in and win in sports betting. They have to pay the Connecticut sports betting tax rate of 13.75% on all winnings. Connecticut sports betting taxes have brought in more than $26.6 million to the state since October 2021.
The Connecticut sports betting handle for the first six months of 2023 totals $791,614,969 for an average of more than $131.9 million per month. The total Connecticut sports betting handle to date is $2,648,034,000.
The Connecticut sports betting hold through the first six months of 2023 is 10.42%. The Connecticut sports betting hold for all of 2022 was 8.90%. Both of these percentages are significantly higher than the national average for the same time periods.
Connecticut sports betting revenue has surpassed $265 million to date.
Thanks to Connecticut sports betting taxes that currently stand at 13.75%, which is slightly below the national average of 19%, the state has generated more than $26.6 million in sports betting taxes to date.