The November sports betting numbers are in for the state of Connecticut, and it was another great month for sportsbooks. The total sports betting handle was over $131 million for November, which was a growth of more than 141 percent from what came in during October.
Nearly 97 percent of all wagers in Connecticut were placed online or through a mobile device. That made the mobile betting handle over $127 million, which also shattered the previous record.
Casino sportsbooks did see $4.18 million in wagers placed in-person, and that shattered the retail mark of $541,000 that was brought in during October. It has helped the overall numbers that more betting is being done in-person, but online will continue to lead the way.
The total sports betting revenue also set a new record for the month of November, as the total was $12.45 million in revenue. The previous record was $3.73 million in October, but sportsbooks hope that this is a trend that will continue in the months to come.
Connecticut is never going to be one of the biggest markets in the United States, but things are trending in the right direction.
Tribes Making Progress
When sports betting first launched back on September 30, all of the retail betting was done at temporary locations inside of the tribal casinos. The Mashantucket Pequot and the Mohegan Tribe were given the chance to offer retail sports betting, and they have since worked hard to build a permanent sportsbook.
There is now a DraftKings Sportsbook inside of the Foxwoods Casino that has been attractive to bettors. The Mohegan Tribe will be opening up a permanent FanDuel Sportsbook at the Mohegan Sun at some point right around the Super Bowl.
Low Tax Rate Helps Industry
One factor that helps the sports betting industry in Connecticut is a low tax rate that is imposed on the gross gaming revenue. The national average for sports betting tax is right around 11%, and Connecticut is only slightly over that at 13.75%.
What helps Connecticut even more, is that two neighboring states, New Hampshire and New York, have a tax rate of 51%. This has made Connecticut an attractive option for some of the top sportsbooks in the U.S.
U.S. Still Putting Up Big Numbers
There have only been a handful of states to announce sports betting numbers for November, but it should be another record-setting month. New Jersey actually failed to go past the October mark for monthly handle, but the total was still over $1 billion.
In the Midwest, Indiana, and Iowa both set new state records for total monthly handle, and that has been a trend since the NFL season began. Nevada, Pennsylvania, and Illinois are three other huge markets that should either set new records or at least remain close to what was wagered in October.
The U.S. sports betting industry is bigger than it has ever been, and a handful of states are slated to launch the industry in 2022.