- Connecticut is halfway through the Connecticut General Assembly with passages to regulate sports betting.
- The House of Representatives approved sports wagering legislation on Thursday where it is now on its way to the Senate for approval.
- Connecticut wants to go live with its sports gaming industry by the Fall of this year.
HARTFORD, Conn. – Headway is being made with the Tribal Gaming Compacts negotiated between Governor Ned Lamont and the Tribes in Connecticut as the House of Representatives passed legislation on Thursday for sports betting. The final vote tally was 122 YEAS to 21 NAYS. The measure will now move to the Senate for a vote.
What Will The Sports Betting Industry In Connecticut Look Like
A Senate approval for regulated sports betting in Connecticut is not the last stop on the train of required passages for the industry. Due to its tribal ties, it will also need to be passed on a Federal level. Once the Senate passes the proposal, Governor Ned Lamont will sign off on it and it will then be sent to the U.S. Department of the Interior for 45 days before it can be green-lit to launch in the state.
The hope is that a live market can be launched in time for the NFL season. Under this proposal, retail and mobile sportsbooks will be open. The Connecticut Lottery will be allowed to have 15 land-based locations statewide to take sports bets as well as offer an online sportsbook.
Sports betting will see a tax rate of 13.75% and iGaming which is also part of the compact will have a tax rate of 18% that will jump to 20% after five years. So far, the subject of Daily Fantasy Sports (DFS) is still up in the air. At the moment, DraftKings and FanDuel have been allowed to offer DFS to Connecticut residents but should this bill pass, there is no inclusion for DFS which would require operations to be discontinued.
The new compacts will be enacted on July 1. After that date, DFS gaming will no longer be a part of the makeup of the gambling industry in Connecticut. However, if it is included before going to the Governor, the market would see the same 13.75% tax rate as that of sports betting.
“I think it’s a great deal for the state of Connecticut as far as financial revenue. I think it’s a great deal for our partners in our Mashantucket tribe and our Mohegan tribe as well as the Connecticut Lottery,” said Representative Greg Howard.
The next stop for this sports betting legislation in the state is the Senate, then the Governor, then DC, and finally back to Connecticut to have the industry go live by the Fall of this year.
News tags: Connecticut | Connecticut House of Representatives | Connecticut Lottery | DFS | DraftKings | FanDuel | Greg Howard | Mashantucket Pequot Tribe | Mohegan Tribe | Ned Lamont | NFL | U.S. Department of the Interior
Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.