The good news that gamblers in Connecticut have waited is finally here – The Legislative Regulation Review Committee has approved the sports betting and online gaming regulations. The votes were 9-4 in favor of approving the regulation which will legalize both online and land-based sportsbook operators, as well as online casinos.
The votes against the legislation came from the Republicans who were concerned regarding the funding of the iGaming sector. They asked for certain stipulations that would help sports betting to heal in time for the new NFL season.
Democratic members, on the other hand, were completely for the regulation to pass, and now the final step is approval from the US Department of the Interior, and punters in Connecticut can enjoy placing bets.
Gov. Ned Lamont signed the legislation that amends the current one in Connecticut, and now retail and online sports betting is legalized, as well as online slots and table games, which are all added to the Mashantucket Pequot and Mohegan tribes. The group also owns Foxwoods Resort Casino, as well as Mohegan Sun.
Additionally, with the expansion of the legislation, the Connecticut Lottery will have the chance to operate 15 sports betting shops across the state, as well as one online sportsbook. The tax rate for sports betting is set at 13.75% with the legislation, regardless of the operations (online or land-based).
Online casinos will have an 18% tax on their GGR to slots and table games, and after five years, the tribes will have to share 20% of their iGaming revenue. The Department of the Interior has to approve all gaming arrangements between states and the recognized tribes on a federal level, and they have 45 days for the ruling, which is due on the 9th of September, the same day the NFL season starts.
Once the Department of the Interior approves this all, as it is expected to, the operators will be able to apply for licenses to offer sports betting and iGaming services in Connecticut. It is important to note here that Mohegan Sun has signed a partnership agreement with FanDuel, and Foxwoods has done the same with DraftKings.
The Regulations in Place
The legislature was leading all the rules for sports betting and iGaming in Connecticut. Its role is to review and approve them before they are being implemented. The Legislative Regulation Review Committee notes that the bill needs to have the force of law, and the conditions it has within doesn’t conflict with any other current state or federal laws, or constitutions.
The legislation explains everything in detail within its 82 pages, and there is information on the licensing process, as well as some other minor details, such as a mandate that will require that signs be put next to the ATMs in every sport betting shop. That sign must have a minimum dimension of 12×12 inches. Other details note that sportsbooks are not allowed to offer odds on collegiate games, which will involve Connecticut schools.