Will Connecticut Continue Growth With NY Sports Betting Live?
Sports betting in Connecticut just wrapped up its second full month in December but the growing market could already be in for a slowdown as NY sports betting ramps up.
The three CT sportsbooks reported $150 million in December handle, up from $131.7 million in November. That December total includes $6.5 million bet in-person through the CT Lottery but does not include handle from retail betting at the two tribal casinos.
Taxable revenue hit $6.4 million after deductions (including $2.1 million in promos) for $929,336 in taxes paid, according to the state’s reports.
Unknown NY sports betting impact on Connecticut
It would be rare for a new state with mobile sports betting to see growth slow or stop in just the third full month. No other new states, though, have had to compete with a launch like NY sports betting.
Connecticut clearly felt an impact from New York bettors in the first full weekend of online betting back in October. Geolocation data from GeoComply showed 38% of wagering activity came from the southwest corner along the New York border.
Any of those bettors crossing into Connecticut no longer had the same reason to as of Jan. 8 when the first four online NY sportsbooks launched. Even though three of the first four New York operators were the same as Connecticut, the $3,300 in Caesars Sportsbook promo code offers might have drawn some CT bettors across the border to bet.
Rush Street a distant third in CT
Rush Street beat out four other operators to win the partnership with the Connecticut Lottery. So far, though, the two tribal partners are seeing the most success.
DraftKings Sportsbook, partnered with the Mashantucket Pequot Indians, led with $68.9 million in online handle for December. DraftKings also had the highest taxable revenue at $3.2 million and deducted $1.1 million in promos.
FanDuel Sportsbook, through its partnership with the Mohegan Indians, ranked second with $63.3 million in handle, $2.6 million in taxable revenue and $871,801 in promos deducted.
Rush Street, under the PlaySugarHouse brand because the BetRivers brand was not allowed, took just $11.4 million in online bets last month. That shook out to $561,036 in taxable revenue after $187,012 in promo deductions.