Connecticut Sportsbooks See Handle Decline in April

Connecticut’s three sportsbooks all saw declines in overall betting as the collective handle fell by over 12% from March’s handle. The decrease was not surprising considering the March Madness tournament that bolstered betting handles across the state the previous month was but a memory in April.

March Madness Turns to April Sadness

The men’s and women’s national basketball tournament, known as March Madness, is one of the most highly anticipated betting events of the year. Conference tournaments precede the March Madness tournament, where 68 teams are selected to participate and are ranked accordingly.

The tournament lasts approximately three weeks, with all but the Final Four and championship games occurring in March. Therefore, a month-over-month drop in April’s handle (total amount bet regardless of wins or losses) is an annual result, with only a full slate of Major League Baseball as well as a reduced schedule during the postseason of the NBA and NHL playoffs left to fill the void in April.

Over $14.65 billion was wagered nationwide in March, which plummeted to $4.06 billion in April. The dearth of betting opportunities in April leads to an expected slump in the handle, and Connecticut was not an exception. Connecticut was similarly affected, with bettors wagering $174 million in April 2025 compared to the $200 million that was bet in the previous month, a 12.6% drop.

As the handle drops, the revenues usually follow. And that was the case in Connecticut for two of the state’s three sportsbooks, with only FanDuel showing an increased revenue total in April compared to March due to a higher hold, or win percentage.

FanDuel Rules in Connecticut

FanDuel and DraftKings are the US sports betting industry’s duopoly, controlling over 70% of the market. Not so coincidentally, the two established themselves in the American gaming landscape years earlier through their daily fantasy sports (DFS) platforms and had a built-in list of customers to solicit when sports betting became legal in 2018.

FanDuel, partnered with the Mohegan Tribe of Mohegan Sun Casino, took in 44% of the state’s total wagers in April, equaling $76.6 million in bets, a decrease of 11.6% from March.

Boston-based DraftKings, partnered with the Mashantucket Pequot Tribal Nations of Foxwoods Casino, showed a $65 million handle for the month but was off 13.2% from the previous month.

Fanatics, working through the state lottery, trailed with $32.5 million in April’s wagers, down $5 million from the previous month.

Mixed April

The revenues for all three sportsbooks would be expected to fall as well, but due to FanDuel’s increased hold in April compared to March, revenues increased from $5.2 million to $7.3 million. This was an unexpected piece of good news for the nation’s sportsbook leader.

The same could not be said for FanDuel’s two Connecticut competitors, but DraftKings’ decrease was surprisingly narrow due to its higher monthly hold, as evidenced by revenues falling only $100,000, from $5.2 million in March to $5.1 million in April.

Fanatics’ revenue decline was congruent with its smaller handle in April, garnering just $2.1 million in profits, a month-over-month decrease of 11.8% from the previous month.