Connecticut Sportsbooks Follow National Trend With February Decline

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Connecticut sportsbooks

Not even a new and ramping market was saved from the annual February falloff as sportsbooks in Connecticut all reported a drop from January.

Connecticut’s three online sportsbooks and the Connecticut Lottery‘s PlaySugarHouse-branded retail sportsbooks combined for $115.6 million in handle last month. That is down 26.9% from January and ranks as the lowest total for a full month of CT sports betting since online launched in mid-October.

Sports betting revenue fell 57.5% to $4.7 million. That led to $501,516 in taxes paid for the month.

Connecticut sportsbooks decline in line with others

Connecticut is far from the only US sports betting jurisdiction to report a decline in February.

The Department of Consumer Protection did not break out Super Bowl betting details. Even without specifics, though, it is clear one game does not offset all the NFL betting opportunities presented in January with an extra week of regular-season games and the rest of the playoffs.

February also includes the NBA and NHL All-Star breaks.

Other states, both established and growing, also reported handle declines based on the slower calendar:

Betting on UConn, Yale allowed in Connecticut?

Connecticut sportsbooks are not allowed to take bets on in-state colleges, at least typically.

Intercollegiate tournaments with four or more teams like March Madness are the only opportunities to bet on in-state colleges. Even then, options are limited.

Bettors still cannot put wagers down on a single game, meaning the only allowed bets are futures bets to win the entire tournament. The bets also have to be made before the start of the tournament.

That means any March Madness betting on the University of Connecticut or Yale at CT sportsbooks is already over for this year.

FanDuel grabs market share, DraftKings still leads

DraftKings leads the three online sportsbooks in handle share, but that lead dropped significantly in February.

DraftKings’ online handle share was 44.9% in February with FanDuel taking 43.4%. That is compared to 48.7% for DraftKings and 41% for FanDuel in January.

Those FanDuel gains came despite DraftKings offering $2.2 million in promos last month compared to $1.1 million for FanDuel.