The state is beginning to get a handle on this sports betting thing.
According to the state Department of Consumer Protection (DCP), the state set a record for sports betting revenue in November.
On its data website, the DCP reported a total of $30.3 million in revenue from sports betting via the state’s online sportsbooks and its retail betting locations.
That topped the previous record of $26.6 million set just two months earlier, in September.
“We continue to enjoy strong online sales through our partnership with Fanatics Betting & Gaming, and November was also better than average for hold/profitability, both online and retail,” said Andrew Walter, director of sports betting for the Connecticut Lottery Corp. (CLC). “The result was a very strong tax payment, comparatively speaking.”
The $228.2 million wagered statewide on sports in November, also known as the handle, was the second-highest total ever for Connecticut, trailing only the $229.5 million wagered in October. November’s handle was up nearly 11% from a year earlier.
The Fanatics Sportsbook restaurant and bar at the XL Center also continues to show improvement. In November, it provided $59,356 in revenue to the state, the third straight month its revenue topped $59,000. November’s revenue was up more than 53% from a year earlier.
The sportsbook restaurant and bar opened on the Ann Uccello Street side of the XL Center in September 2023 and struggled to find its footing during its first year. According to the Capital Region Development Authority (CRDA), the venue ended the 2024 fiscal year in June with a loss of about $500,000.
Both the CLC and CRDA attributed the venue’s underwhelming first year to a change in state bookmaking vendors. The original bookmaker, Chicago-based Rush Street Interactive, announced in March 2023 that it would exit the market because it wasn’t profitable enough.
It took until December 2023 for the state to name New York-based Fanatics Betting and Gaming as the replacement. Fanatics signed an eight-year contract.
