Connecticut Extends Sports Betting Agreement to Include Both Tribes

Earlier this month, Governor Ned Lamont announced an agreement between the state and the Mohegan Tribe that would allow Connecticut to finally move forward on its journey towards legal sports betting.

The announcement irked the Mashantucket Pequot tribe, which was not included in the agreement, although the Governor said at the time that there were only a few sticking points left to negotiate before he would be happy to welcome the Foxwoods casino operator onboard.

On March 18th, it was announced that Lamont had come to an agreement with the Mashantucket Pequot, signaling that all the big issues were now resolved between both tribes.

Connecticut can now move onto the next level of its efforts. The federal government now has to approve updated compacts between the state and the tribes, and the state legislature has to approve the changes as well.

When this happens, Connecticut may finally be able to legalize and regulate sports betting.

What Connecticut Sports Betting Will Look Like

ü  Online skins will be awarded to the Connecticut Lottery, the Mohegan (together with its official online partner Kambi) and the Mashantucket Pequot (with its partner DraftKings).

ü  The government will tax sports betting revenue at a 13.75% rate.

ü  The Lottery will be entitled to operate 15 retail sports betting locations, over and above its online sportsbook platform.

ü  New retail locations will be constructed in Hartford and Bridgeport.

ü  Taxation on igaming will stand at 5% for the first five years of the industry being in operation. This will increase to 20% thereafter.

ü  Lottery and keno games may be expanded online.

The last two points are what the state and the Manshucket Pequot originally clashed on. But, as stated, an agreement was reached with both tribes and Connecticut is now set to go on its final push towards sports betting and online gambling.

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