Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

March 10, 2021

CT off-track betting revenues plummeted in 2020

Photo | CT MIrror An OTB establishment in Stamford.
By Matt Pilon

Newly released state data reveal that off-track betting operator Sportech’s revenue took a major hit during 2020, as the COVID-19 pandemic shuttered some of its brick-and-mortar betting venues for several months and limited foot traffic overall.

Bettors wagered a total of $90.7 million last year with Sportech on horse racing, dog racing and jai alai, down by just over 33% from 2019, when the total amount bet (known as the “handle”) totaled $137.1 million.

That’s according to updated financial figures provided Monday by the Department of Consumer Protection, which regulates gaming in the state.

As Sportech works to recover to healthier business levels this year, the company is fighting for a share of proposed legalized sports betting in Connecticut.

Exactly what Sportech might get out of still ongoing negotiations between Gov. Ned Lamont’s office and the state’s two casino operating tribes remains to be seen, but Sportech expressed dismay at a recently announced tentative deal that appeared to give it limited rights to offer sports betting in its betting parlors and exclude it from online bookmaking.

Off-track revenues have been trending downward for years, averaging a decline of about 3% annually since 2011, according to DCP data.

Sportech President Ted Taylor said Tuesday that 2020 started off well, but the pandemic took a major bite out of betting activity, forcing venue closures 

“We were heading along pretty well in January and February but being closed for four months from March 15 through to the end of July, including the Triple Crown and most of our peak season, made it a tough year from every angle,” Taylor said.
 

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF