In a major achievement for its sports betting industry, Connecticut set a record in November 2024, earning $30.3 million in sports betting revenue. The Department of Consumer Protection (DCP) announced this milestone, which surpassed the previous high of $26.6 million achieved just two months earlier in September. This growth highlights the increasing popularity and maturity of sports betting in the state.

Connecticut achieves sports betting milestone:

The total amount wagered on sports, known as the handle, was equally remarkable, reaching $228.2 million. This represents the second-highest handle in Connecticut’s history, falling just short of the $229.5 million recorded in October. The November handle also reflected an 11% increase compared to the same month in 2023, further underscoring the sector’s year-over-year growth.

As Hartford Business Journal reports, Andrew Walter, director of sports betting for the Connecticut Lottery Corporation (CLC), credited the state’s partnership with Fanatics Betting & Gaming for the impressive results. “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,” he explained. Walter noted that the strong revenue translated into substantial tax contributions to the state, reinforcing sports betting’s role as a growing economic driver.

A key contributor to this success has been the Fanatics Sportsbook restaurant and bar at the XL Center in Hartford. The venue generated $59,356 in revenue for November 2024, marking the third consecutive month it surpassed $59,000 in earnings. This represents a 53% increase compared to November 2023, signaling a notable turnaround for a venue that struggled in its early days.

The Fanatics Sportsbook opened in September 2023 on Ann Uccello Street and experienced significant challenges during its first year. By June 2024, the venue had incurred a $500,000 loss for the fiscal year, attributed to the state’s transition between sports betting vendors. The original operator, Rush Street Interactive, exited Connecticut’s market in March 2023, citing low profitability. This left a gap that was filled in December 2023 when New York-based Fanatics Betting & Gaming was awarded an eight-year contract to manage the sportsbook.

Since taking over, Fanatics has steadily built momentum. The XL Center’s sportsbook and bar are now gaining traction among customers, with its performance contributing to the state’s record-breaking sports betting revenue for November.

Slot revenue boosts state contributions:

In addition to sports betting success, Connecticut’s gaming industry benefited from a strong performance at Foxwoods Resort Casino. Foxwoods reported $30.7 million in slot revenue for November 2024. Under the Mashantucket Pequot Tribal Nation’s revenue-sharing agreement with the state, this resulted in a $7.6 million direct payment to Connecticut’s budget.

According to Indian Gaming Magazine, the revenue-sharing agreement, which has been in place since 1993, has proven highly lucrative for the state. Over the decades, the Mashantucket Pequot Tribal Nation has contributed more than $4.7 billion in slot revenue to Connecticut’s budget fund, underscoring the long-term economic significance of the casino’s operations.

Foxwoods’ consistent contributions, combined with the rapidly growing sports betting sector, showcase the success of Connecticut’s approach to legalized gambling. The state’s diversified gaming landscape, which includes both online and retail sportsbooks as well as casino operations, continues to yield significant financial returns.