Connecticut Gives the OK For Sports Wagering and Online Gambling
Connecticut Governor Ned Lamont announced yesterday, March 18, that the state of Connecticut has reached an agreement with both the Mashantucket Pequot and Mohegan tribes that will basically legalize sports betting and online casino wagering games here in the state.
According to the press release, the state hopes that the agreement will bring in tens of millions of dollars in new revenue and it will also bring the Connecticut Lottery into the sports betting spotlight with two new CT lotto sports betting venues in Bridgeport and Hartford and up to 15 new sports betting locations around the state.
There are also a couple of key components that have been announced from the agreement, one being that both Mohegan and Foxwoods will no longer pursue the development of a long-planned additional casino that was going to be located in East Windsor, at least as long as this agreement between the tribes and the state last.
Also, you knew that there was going to be state taxes, it is Connecticut, the land of incredible tax, so for the first 5 years, there's going to be an 18% tax on new online commercial casino gaming. That will go up after the first 5 years to 20%. There will also be an announced 13.75 percent tax on sports wagering.
So, your $100 wager in the future online Mohegan Sun Casino will earn Connecticut $18 with the 18% tax. Your $100 sports wager will be taxed at 13.75%, so it will give the state $13.75 for every $100 you bet. I don't think that the street bookies have anything to worry about yet. It will be interesting to see how the CT Lottery sports betting venues in Bridgeport and Hartford are built out and the other 15 locations that will be built around the state. Interesting times.