Record-breaking Wagers for March Madness Elevate Connecticut's Betting Volume to Over $200 Million
Connecticut Sets Betting Record in March, but Profits Take a Hit
The Nutmeg State's sports betting market smashed its monthly record in March, as bettors laid down $207.7 million in wagers. This milestone marked the first time the betting handle exceeded $200 million during a single month since online betting launched in October 2021.
Noteworthy Info:- March 2025 represented the state's highest betting total for a March since online wagering commenced in October 2021.- FanDuel saw a 25% increase in bets despite a drop in win rate.- Tax revenue fell to $1.87 million in March compared to February's $2.3 million.
College basketball dominated the betting landscape, particularly with in-state teams being tournament-eligible. Compared to February—which was dominated by Super Bowl activity—March saw a 22% increase in total bets.
Contrasting the rise in money wagered, operator profits didn't follow suit. Revenue dipped to $16.4 million in March, down by 19.6% from February's figures. This drop made it one of the rare months since September 2024 in which profits dipped below the $20 million mark.
The overall win rate for sportsbooks stood at 7.9% in March, reached single digits four times over the past year, and represented the lowest recorded figure in 2025. Limited upsets in the NCAA tournament, as well as the UConn women's seamless run to a national title, contributed to keeping outcomes more predictable—and less profitable for sportsbooks.
Step into the Luck
Connecticut's tax revenue slid despite the record March handle, gathering $1.87 million. This total was a decrease from February's $2.3 million.
Insights into the Operator's Realm
Out of the three active online platforms, FanDuel saw the highest monthly handle increase. Bettors wagered $86.7 million through FanDuel, a 25% surge from February. However, the win rate dropped from 13.7% to 7.6%, netting $6.6 million in revenue.
DraftKings wasn't far behind with $74.9 million in bets. It had an 8.5% win rate, which translated to $6.4 million in revenue—$1 million less than its February revenue. Fanatics Sportsbook also experienced an increase in total bets, gathering more than $7 million compared to February. It posted an 8% hold and $3 million in profits, while its retail partnership with the Connecticut Lottery contributed another $8 million to the pot.
Relevant U.S. Analysis:- In 2025, the U.S. commercial sports betting market boasted a year-to-date revenue of $2.83B (23.2% YoY growth) with a 10.0% national hold rate.- Online gaming verticals, including sports betting, experienced a 26.0% YoY increase in February 2025.- Connecticut's adoption of online betting likely mirrors the national trend of expanding handles, revenue growth, and win rates approximating the 10% benchmark, with potential fluctuations caused by promotional spending and market maturity.
Record-breaking betting handle in Connecticut during March 2025, reaching $207.7 million.Despite the record, tax revenue declined to $1.87 million in March compared to $2.3 million in February.FanDuel, one of the active online platforms in Connecticut, saw a significant increase in bets (up by 25%) in March, but the win rate dropped to 7.6%, netting $6.6 million in revenue.Overall, sportsbooks in Connecticut witnessed a decline in operator profits, with revenue dipping to $16.4 million in March, down by 19.6% from the previous month.
