In the latest sports betting news, Connecticut sportsbooks report an increase in betting handle for the month of October. According to the latest numbers from the Connecticut Department of Consumer Protection, sportsbooks in the state collected $189.6 million in bets last month. This is 4.5% higher than September’s $180.8 million handle. It is also 15.5% higher than the same month last year.
The state offers both retail and online sports betting. But similar to other markets throughout the country, online wagering is the more popular option. For October, 93% of all of the wagers come from online sportsbooks. This is why the demand for online sportsbooks continue to rise, increasing the need for a reliable Pay Per Head software for bookies to use.
Connecticut Sportsbooks See Better Performance of Sports Betting Market
Online sportsbooks released $156.6 million worth of winnings to bettors, Meanwhile, retail bettors released $11 million in winnings. This gives us a total hold of 11.5%. When it comes to sports betting, the higher the hold, the better it is for sportsbooks. The higher the hold percentage, the higher the amount they keep from the handle. For the state, total revenue for the month sits at $16.3 million. This is a huge leap from October 2022’s revenue by around 29.3%. This is the highest monthly revenue the state’s sportsbooks have seen.
And if you use a Bookie PPH service for your sportsbook, you may also consider adding casino gaming to your portfolio. Because for Connecticut, online casino gaming revenue is at $31.1 million for the month, coming from a total handle of $1.14 billion. Given how popular both sports betting and online gambling are, you can earn more from offering both in your sportsbook.