Since every state of the US is pretty much free to make its own gambling legislation, there can be huge differences between the regulations. One of the states of the New England region, Connecticut was a little bit left behind on this issue. The state really needed some modernization – especially on the online wagering scene –, so that it can stay competitive with the neighboring states. Now, that they reached an online gambling agreement in Connecticut, the changes are on the horizon.
To reach the compromise, it took months of planning and negotiating – especially between Governor Ned Lamont and the Mohegan Tribe. But as for the citizens, and also the state’s finances, it looks like it was worth all the dedicated work and all the give-and-take. Connecticuters will have more gambling opportunities, particularly online. The state will have an increased income in taxes – and we surely do not have to go into details about why this is a positive effect. But what does Connecticut’s online gambling agreement contain exactly? How does it show in practice? Keep reading and we will cover all your questions.
Connecticut Online Gambling Agreement: the details
Democratic Governor Ned Lemont had a press release on 2nd March on the topic saying: “Governor Ned Lamont and Mohegan Tribe Chairman James Gessner Jr. today announced an agreement that would allow the State of Connecticut to modernize gaming options available to state residents, including allowing for sports wagering and online gaming. The agreement would generate tens of millions of dollars in new revenue for the state while keeping Connecticut competitive with gaming changes currently being offered or considered in neighboring states. The agreement also provides the inclusion of the Connecticut Lottery Corporation as a partner in the effort to modernize the state’s gaming landscape.”
It also listed the most important factors of the implied agreement. These are the following:
- A 20 percent tax rate on new online gaming, or “iGaming,” offerings
- A 13.75 percent tax rate on sports wagering
- Connecticut Lottery shall have the right to operate 15 retail sports betting locations, as well as operate online sports betting skin
- It shall also have the right to sub-license some of those locations to the state-licensed pari-mutuel operator
- Connecticut Lottery will undertake new retail sports betting venues in Hartford and Bridgeport
- License agreement to be for ten years with a five-year extension option
What the new Connecticut online gambling agreement brings
Since the release of the new online gambling agreement in Connecticut, there have already been some actions. For example, according to masslive.com, The Connecticut Lottery is opening a sports betting venue in Hartford. But this is just the starting point. With the new regulations, we will probably see massive changes in the online gambling field. Allowing the State of Connecticut to modernize and extend online sports betting and general online gambling is a tempting factor. In the upcoming months, we may witness a huge growth in the online betting scene. Probably more online gambling sites in the US showing interest in the state – though Bovada already accepts gamblers from CT. The agreement can also lure some players from outside the state borders. For example, from Massachusetts, a state that is kind of a gambling competitor of Connecticut.
In the meantime…
It can take some time for the new legislation to settle and for every factor to get into their places. Residents and wagers from outside the state also have to get used to the new situation. Online sportsbooks sites in the US, online casinos and their fellows also have to adapt to the new factors. Until then, you can use online gambling sites like Bovada that accept wagers from Connecticut.