Fanatics Has Opened a New Location in the Connecticut Sports Betting Market

Fanatics Sportsbook has opened another location inside the Connecticut sports betting market. While the addition is somewhat standard procedure, it does speak to the popularity—and financial benefits—The Nutmeg State is reaping from the industry.

This interest (and upside) is also well established. The launch of sports betting in Connecticut is now more than three years old. The first wagers in the state were processed back in September 2021. Fanatics Sportsbook, though, joined the ranks of sportsbooks in Connecticut around December 2023. At the time, they replaced Rush Street Interactive, which exited the market, citing concerns about their lack of profit and market share.

That move, in particular, raised red flags in the state. Was the Connecticut sports betting market somehow a dud? And was Fanatics Sportsbooks taking a risk? 

These concerns, it seems, are now a memento of the past. Fanatics Sportsbook’s latest location opened just in time for the 2024 holiday. They are now well more than one year into their Connecticut tenure. Surely they would not have expansion on the agenda if the market was panning out—for both them and the Connecticut Lottery Corp, which oversees sports betting operations for that state.  

Full Details of Fanatics Sportsbook Launch in Connecticut

Karen Tensa of The Hour relays more details about Fanatics’ expansion in the Connecticut sports betting scene: 

“More than three years after state lawmakers legalized online gambling and sports betting, the Connecticut Lottery Corp. opened Fanatics Sportsbook at Sportech’s Winners location on Burnell Boulevard in Norwalk. The new venue, which opened Tuesday in partnership with Fanatics Sportsbook and Sportech Inc., offers sports fans a new legal local betting option. It is the state’s 11th retail sportsbook location in Connecticut in partnership with Fanatics Sportsbook and Sportech Inc. and third in Fairfield County, CT Lottery said in a statement. ‘I see this is really an opportunity to allow a local business to be competitive and compete against the online venues,’ said Jalin Sead, Common Council Member in District A, during the Ordinance Committee meeting. Sead represents the Wall Street neighborhood where the venue is located.”

This is an interesting approach from both Fanatics Sportsbook and the Connecticut sports betting market at large. Ever since the Supreme Court of the United States overturned the Professional and Amateur Sports Protection Act nearly seven years ago, the popularity of online sports betting in the USA has been and continues to be on the rise. The vast majority of sports bets in the United States are now processed through online operators. Markets that legalize gambling often cater to this remote transaction setup.

The Connecticut sports betting market is not any different. Residents can download the Fanatics sports betting app. But the company is clearly trying to corner the market on physical locations. Unveiling nearly a dozen in such a short period of time is nothing if not aggressive. 

Does Expansion of Brick-and-Mortar Locations Speak to Material Shift in Connecticut Sports Betting?

Some will interpret the expansion of brick-and-mortar locations as a meaningful shift in customer behavior. That can to some extent be true. But Connecticut sports bettors predominantly use online operators to place wagers. That seems to undermine the aforementioned notion.

This raises the question: Why is Fanatics Sportsbook increasing their number of physical locations? While we do not have a definitive answer, our best guesstimate is brand awareness.

Consider why Fanatics is in the Connecticut sports betting market at all. Another company left. Competing with heavyweight online sportsbooks in the USA can prove overtaxing if you’re trying to beat or equal them at their own game. 

However, market shares may stand to change if a company invests enough in boots-on-the-ground promotion. In this case, Fanatics opening a bunch of physical Connecticut sportsbooks gives them an opportunity to capitalize on foot-traffic bettors who they can then convert to Fanatics Sports Betting app users. That is a big deal. 

Will Fanatics’ Approach Shift the Market Share in The Nutmeg State?

Answering this question requires time. Meaningfully shifting entire market shares does not happen overnight. Companies must have the stomach to scrape and claw against the FanDuels and DraftKingses of the world for years before they maybe start to see returns.

For the time being, Fanatics seems to have the iron will necessary to wait out an extended period. Whether it actually works out remains to be seen. 

What we know for sure is Fanatics has its work cut out for them. DraftKings and FanDuel run two of the most ubiquitous online sports betting apps in the country. That influence currently spills over into the Connecticut sports betting market.

Take The Nutmeg State’s most recent handle reports from November 2024. A total of $228.2 million was wagered in Connecticut for the month. Of that amount, a whopping $189.6 million was processed through FanDuel and DraftKings. That is more than 83 percent of Connecticut’s entire handle. 

Fanatics Sportsbook, meanwhile, accounted for $28.4 million of business. That is less than 12.5 percent of the market share. It is tough to envision them staying long term if that’s the best they can pull.

This is where the importance of time comes into play. The Fanatics Sportsbook’s market share is higher than this time last year. The goal for them is to continue growing, incrementally, year-over-year. Can opening a series of on-site Connecticut sportsbooks help them truly rival the USA’s two biggest online operators? Keeping in them with the importance of time, we’ll just have to wait and see.

Take a look at this list of the top online sportsbooks so you can find one that works for all of your sports betting needs: