After Governor Ned Lamont inked agreements with the Mohegan and Mashantucket Pequot Tribe, now the next step is the approval of the bill, which proposes the legalization of sports wagering in Connecticut.
Connecticut Gets Closer to Legalizing Sports Wagering
Sports wagering legalization moves forward in Connecticut. Earlier this month, Governor Ned Lamont inked an agreement with the Mohegan Tribe. The agreement would allow sports wagering as well as online gambling. Consequently, the Governor reached an agreement with the Mashantucket Pequot Tribe last week. With the two agreements in place, now it’s up to the Governor’s office to introduce a final version of the bill, proposing the legalization of the activity. This final version is likely to be forwarded in the next two weeks to the House of Representatives.
After that, the bill would seek the approval of the majority of the House and Senate. Final approval before sports wagering is legalized is expected to be given by the US Department of Interior. If all of that happens promptly, sports fans in Connecticut may be able to wager on the NFL, which starts early in September. This is precisely what both the lawmakers and the Tribes in Connecticut are hoping for.
Speaking in front of Norwich City Hall, Rodney Butler, chairman of the Mashantucket Pequot Tribe, who was cited by the Associated Press, said that “the goal is to be placing bets on sports by this NFL season”. Furthermore, he revealed that from a technology perspective, both Tribes are ready to launch sports wagering.
Legal Sports Wagering to Boost Connecticut’s Economy
Currently, slot machine revenue in Connecticut is taxed at 25%. With that in mind, since the ‘90s, when the two federally recognized Tribes gained exclusive rights over gambling, the state has received $8 billion in taxes.
Now, if the sports wagering bill receives the green light by the state’s legislature, it would be taxed at 13.75%. Besides the taxes which Connecticut receives from slot games, according to Butler, sports wagering may bring an additional $70-$80 million.
That additional tax revenue is undoubtedly going to help Connecticut which has also felt the economic impact of the pandemic. Furthermore, the legalization will reduce the number of people going out of state or using black market operators.