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Connecticut Sports Betting Breaks Records For September

Connecticut’s sports betting market achieved impressive numbers for September, breaking previous records for both handle and revenue.

The Nutmeg State’s sports betting industry has been on an upward trajectory since its launch in October 2021. However, September stands out as a landmark month, with operators reporting figures that surpassed expectations. The rise in betting activity coincided with the start of the NFL season.

September will go down in Connecticut’s sports betting history as a month of unprecedented success. The state’s sportsbooks collectively reported a handle of $174.1 million, shattering the previous record set in January 2023 by a significant margin. This figure represents a remarkable 30.5% increase from August 2023 and a 15.2% year-over-year growth compared to September 2023.

The rise in betting activity translated into equally impressive revenue numbers. Operators generated $19.7 million in revenue, marking a new monthly record for the state. This represents a 43.8% increase from the previous month and 61.5% jump from the same period last year.

Key highlights of September’s performance include:

Total handle: $174.1 million (new state record)
Total revenue: $19.7 million (new state record)
Month-over-month handle increase: 30.5%
Year-over-year handle increase: 15.2%
Month-over-month revenue increase: 43.8%
Year-over-year revenue increase: 61.5%

Based on the current tax rate of 13.75% on sports betting revenue, the state collected approximately $2.7 million in taxes from September’s operations.

Connecticut’s September performance in sports betting is impressive when viewed in the context of its neighbouring states. While Connecticut has a smaller population compared to some of its neighbours, its per capita betting handle and revenue figures are highly competitive.

Connecticut’s September performance with that of neighbouring states:

New York

Population: 19.8 million
September Handle: $1.68 billion
September Revenue: $143.3 million
Per Capita Handle: $84.85
Per Capita Revenue: $7.24

Massachusetts

Population: 6.98 million
September Handle: $514.8 million
September Revenue: $51.3 million
Per Capita Handle: $73.75
Per Capita Revenue: $7.35

Rhode Island

Population: 1.1 million
September Handle: $52.7 million
September Revenue: $5.1 million
Per Capita Handle: $47.91
Per Capita Revenue: $4.64

Connecticut

Population: 3.6 million
September Handle: $174.1 million
September Revenue: $19.7 million
Per Capita Handle: $48.36
Per Capita Revenue: $5.47

While Connecticut’s total handle and revenue figures are lower than those of larger states like New York and Massachusetts, its per capita performance is strong, particularly in terms of revenue.

The breakdown of mobile vs. retail betting for September: