Sports betting is coming to Connecticut, and the parties involved in the market have the goal of launching by football season. Connecticut may be a small state, but it could be a sports betting hotbed because of the lucrative framework for the industry.
A recent study according to PlayCT revealed that the industry could receive up to $1.5 billion annually in bets. No state in America would pass up on the revenue on this sum of money, which is why CT swiftly passed sports wagering.
Sports Betting Flies Through the Legislature
Governor Ned Lamont introduced his 2022 budget earlier this year, and sports betting was included. Lamont attempted to legalize sports wagering with the Mashantucket Pequot and Mohegan tribes for some time, but it came to fruition this year.
This allowed Lamont to include sports betting on the budget, but the legislature still had to do the work. The House and Senate passed sports betting with ease. CT is in a sports betting haven because people can easily commute to New Jersey.
Also, the state was losing a lot of money to offshore sportsbooks. Money is necessary as states continue to recover from the COVID-19 pandemic, so there was never any doubt that sports betting would pass in CT.
A Lucrative Framework
Connecticut providers are expected to net $450 million annually from sports betting and iGaming, which is no surprise. Sports betting in the state will include mobile and retail wagering with an array of options for bettors.
If the Connecticut legislature had not passed mobile wagering, the state would never collect $1.5 billion annually. The tribal nations and Connecticut Lottery will be the groups heading sports wagering in the state.
Mohegan Sun and Foxwoods Resort are allowed to open retail sportsbooks. They are also allowed one mobile sports betting skin and one iCasino. Mohegan has partnered with Kambi, and Foxwoods has signed a deal with DraftKings.
DraftKings Sportsbook is one of the best books in America, and it has a ton of notoriety. Kambi is a great provider that supplies technology for a variety of books globally. The Connecticut Lottery can also operate an online sportsbook, giving the state three providers.
The lottery also has the power to open up to 15 retail sportsbooks as long as they are not within 25 miles of the two casinos.
Sports betting Connecticut – The Finances
Connecticut will not receive $1.5 billion in bets immediately, but the market is expected to proliferate. The study looked at the three-year projections for the sports betting and iGaming industry in Connecticut.
Connecticut has a population of 3.5 million people, and by the end of the third year, the total iGaming handle is expected to be $1.5 billion. With a 7% hold, the operators would receive $100 million in revenue. If you would like to learn more about the area, we recommend visiting the Connecticut Tourism website.
Online casinos could reach $350 million in annual revenue because it’s expected to be more popular than sports betting. If the casinos and lottery achieved these projections, the state would earn $95 million per year from the sports betting and iCasino providers.
These numbers would make CT a force amongst small states in the American legal wagering industry.