The Constitution State generated its highest March Madness handle ever in 2025.
Key takeaways
- FanDuel, DraftKings, and Fanatics Sportsbook generated 19.6% less revenue during March Madness than the Super Bowl month.
- A lack of upsets and a UConn women’s team title run hurt operators through the big wagering month.
- March’s hold was the lowest of the year so far.
The Connecticut Lottery reported bettors wagered $207.7 million during the month of college basketball’s postseason events. The seventh-most money bet in a single month produced a 10.6% year-over-year increase, the first handle to reach $200 million during March since online wagering began in Oct. 2021.
Being able to bet on in-state college teams during tournaments helped Connecticut sports betting generate 22% more handle than February, when Super Bowl betting dominated.
A lack of upsets throughout much of the NCAA tournament and the UConn women’s run to the NCAA title led to nearly identical profits as last March, despite the uptick in action. The three online operators and two retail sportsbooks claimed $16.4 million in revenue, down 19.6% from February.
March was the third time since Sept. 2024 operators hauled in less than $20 million in profits. The 7.9% hold was the lowest of 2025 and the fourth single-digit win rate over the last 12 months.
Connecticut filled its coffers with $1.87 million, down from February’s $2.3 million haul.
FanDuel’s handle jumps 25%
| Operator | March Handle | Revenue |
| FanDuel | $86.7 million | $6.6 million |
| DraftKings | $74.9 million | $6.4 million |
| Fanatics Sportsbook | $37.7 million | $3 million |
Connecticut’s three online sports betting operators accounted for nearly $200 million of the total handle. FanDuel led all operators with $86.7 million in wagers, a 25% month-over-month increase. The online operator’s hold, however, fell from 13.7% in February to 7.6% in March, leading to $6.6 million in revenue.
DraftKings had a higher hold, winning back 8.5% of a $74.9 million handle to produce $6.4 million in income, $1 million less than the previous month.
Fanatics Sportsbook took in over $7 million more in wagers from February to reach a $37.7 million handle in March. The online operator’s 8% hold generated $3 million in profit while its retail partnership with the Connecticut Lottery produced another $8 million handle.
Legal matters
The Connecticut Department of Consumer Protection told Covers this month the gaming division had investigated prediction market platforms since the fall. While it’s unclear exactly what regulators are evaluating, sites like Kalshi and Robinhood that offer sports-event outcome markets that act like betting markets came under fire in several U.S. states.
Regulators in those jurisdictions believe prediction market platforms go against state betting laws, while Kalshi argues it’s federally regulated and should be available in all 50 states.
Meanwhile, Connecticut lawmakers continue a push to ban sweepstakes casinos from operating in the state. The Constitution State is one of seven markets that offer legal iGaming. In late March, the state's Senate passed SB 1235, making operating an illegal gambling business a Class D felony.
