It’s been announced that Connecticut has received federal approval for the launch of sportsbetting and online gaming. Confirmed by a tweet from Governor Ned Lamont, players across the state will soon be able to wager on sports both online and in person.
How Sportsbetting Will Work in Connecticut
Gaming operators in the state will be able to partner with third-party sportsbetting brands. The Connecticut Lottery will be teaming up with Rush Street Interactive, DraftKings and FanDuel to launch betting skins, and it will operate 15 retail sportsbooks across the state.
Connecticut tribes will also operate online and land-based betting platforms. Mohegan Gaming & Entertainment has signed an agreement with Kambi, while Mashantucket Pequot will be working with DraftKings. The two tribes will also be permitted to run online casino platforms, while the CT Lottery will run iLottery.
This critical step in the process of modernizing our gaming landscape here in Connecticut ensures that our state will have a competitive, nation-leading marketplace for wagering both in-person and online. (2/3)
— Governor Ned Lamont (@GovNedLamont) September 9, 2021
A Very Lucrative Market
It is estimated that Connecticut’s online gaming and sportsbetting market could be worth $418 million. This will present the state with plenty of useful tax revenue as online gaming licensees will be required to pay an 18% tax rate for the first five years – and, then 20% after that. Sportsbetting and fantasy sports operators will pay 13.75%.
Taxes will then go towards the general fund. This covers:
- Personnel Costs: this section of the fund covers the salaries and benefits of state government employees, as well as teachers’ pensions and retirement funds
- Municipal Aid: this money goes towards cities and towns for local purposes, and much of it goes towards education
- Medicaid: this is a health program for individuals with disabilities and those with low income
- Debt Service: this portion of the fund is used to repay previous borrowing by the state
- Other Areas: the first four areas make up 78.5% of the general fund. The rest is spend on social service programs, art and tourism, economic developer and environmental protection.
This will certainly be a huge boost to the state’s economy, and benefit residents in a wide variety of ways.
When Will Residents Be Able to Wager?
While the arrival of sportsbetting in Connecticut has missed the start of the NFL season, residents won’t have to wait too much longer. It has been reported that online gaming and sportsbetting could be available in the state by October.
“We think we can be live in the next two weeks and my new target is the third week of the NFL season if everything lines up. But it really relies on the licensing process at this point and how fast we can get through that,” – Rodney Butler, Chairman of the Mashantucket Pequot Tribal Nation.
Lawmakers in the state were very invested in getting sportsbetting up and running as quickly as possible. Just over a week ago, the Regulations Review Committee voted in favour of adopting emergency regulations that would speed things along.
Now that the approval of sportsbetting has been fast-tracked, players can look forward to wagering on their favourite teams very shortly.