Connecticut Nears Agreement with Prospective Sports Betting Partner
When the New England Patriots kick off their season against the Philadelphia Eagles on Sept 10, sportsbooks in Connecticut and Massachusetts will face off for the first time ever on the NFL's opening weekend. The Connecticut Lottery Corporation (CLC) is expected to announce a new partner for their online and retail sports betting operations by then, as they're in the process of selecting a winning bidder.
Rush Street Interactive, the state's previous partner, recently ended a 10-year partnership with the CLC. Christopher Davis, the government relations and responsible gaming manager for the CLC, indicated that the quality and quantity of submissions from multiple national operators have been impressive.
The CLC's sports betting performance has trailed behind DraftKings and FanDuel, the combined market leaders accounting for around 80% of the state's market share. In the 2022 fiscal year, the lottery generated about $20 million in net gaming revenue from retail and online sports betting, drastically lower than the twin giants' combined NGR of $86 million.
While the CLC initiated the process of selecting a new partner in April, the state will welcome a new player to the market. Fanatics Sportsbook is set to take over the Connecticut Lottery Corp.'s sports betting operations, offering a full range of NFL betting options and a user-friendly interface [1][4]. It also provides attractive promotions, including a welcome bonus of up to $1,000 in no-sweat bets and odds boosts for NFL parlays [3][4].
DraftKings and FanDuel maintain significant market share due to their early adoption and competitive offerings, but Fanatics, with its unique rewards and flexible betting options, may gain traction over time [3]. Theoretically, DraftKings and FanDuel could have entered the bidding process, but neither company has confirmed publicly that they did so.
The CLC also seeks a partner capable of providing a comprehensive back office solution, strong compliance and risk management capabilities, and a seamless bonus and promotional apparatus on the retail side. With news that Rush Street Interactive is winding down its partnership with Connecticut, retail books across the state, like the one planned for the XL Center in Hartford, will further intensify competition between Connecticut and Massachusetts' sports betting locations.
- The Connecticut Lottery Corporation (CLC) is anticipated to reveal Fanatics Sportsbook as their new sports-betting partner, who will take over their operations.
- Fanatics Sportsbook offers various NFL betting options, a user-friendly interface, attractive promotions such as a welcome bonus of up to $1,000 in no-sweat bets, and odds boosts for NFL parlays.
- While DraftKings and FanDuel currently dominate the market with around 80% of the state's market share, Fanatics, with its unique rewards and flexible betting options, may gradually gain traction over time.
- The CLC is also looking for a partner with strong compliance and risk management capabilities, a comprehensive back office solution, and a seamless bonus and promotional apparatus on the retail side.
- As Rush Street Interactive ends its partnership with the CLC, retail sportsbooks across the state like the one planned for the XL Center in Hartford will face more competition from both Massachusetts' sports betting locations and the new entrant, Fanatics Sportsbook.
