There are a couple of casinos in Connecticut run by two different tribes. The Mohegan Tribe runs Mohegan Sun, and the Mashantucket Pequot Tribe operates Foxwoods Resort and Casino. These are two of Connecticut’s major attractions for tourists and residents in the state.
Two weeks ago, Governor Ned Lamont agreed with the Mohegan Tribe to offer sports betting in the state. The deal has been extended and approved by the Mashantucket Pequot Tribe, which is spectacular news for the state.
The announcement from Lamont and the two tribes came on Thursday. It was announced that Connecticut would offer sports betting and online casino gaming. Online casino gaming was surprising news in the announcement because fewer states have legalized this type of gambling.
After the announcement, the Mashantucket Pequot Tribal Chairman Rodney Butler said, “This agreement bolsters the state’s economic development and growth, and allows us to develop a stable economic foundation for the future of our tribal community.”
The Mohegan Tribal Chairman James Gessner Jr. gave a similar statement. He said, “The Mohegan Tribe is very thankful to our partners in government, both the Mashantucket Pequot Tribal Nation and the State of Connecticut, for reaching collective agreement on a path forward for modernizing our state’s gaming entertainment industry.”
Connecticut should become the third state in the region to launch sports betting with Rhode Island and New Hampshire. Massachusetts is also considering a sports betting bill, so they should follow after Connecticut’s deal with the two tribes.
The Details of the Agreement
The deal between the state and the tribes was a ten-year deal with an option to add five years. The Connecticut Lottery has been labeled as a partner in the agreement that will be able to offer sports betting locations and skins.
iGaming will be taxed at 18% for the first five years and 20% for the second five years of the deal. Sports betting will be taxed at 13.75% for the entirety of the agreement.
The Connecticut Lottery will be eligible to open 15 retail betting locations and one online sports betting skin. They will also have the right to create an iLottery and Keno, with the ability to sell tickets online.
The tribes have also agreed to stop constructing a casino in East Windsor to expand their presence. Connecticut could have an unbelievable sports betting market based on the agreement between the state and the two tribes.
Revenue is Included in Connecticut’s Two-Year Budget
The COVID-19 pandemic has caused state budgets to trend downward throughout the United States. Many states have tried to push sports betting bills to the forefront to recover the lost funds necessary to recover from the pandemic.
Governor Lamont expects $50 million to be generated for the state from online sports betting, iGaming, and the iLottery. This would be very helpful to improve the state’s economy and push Connecticut back to economic prominence.
The framework of Connecticut’s enhanced gaming system will surpass the market in Rhode Island and New Hampshire. Rhode Island has one state-run sports betting app, and New Hampshire has a sole provider deal with DraftKings.