Add Connecticut to the list of states with legal sports betting as the first official wager was placed on the final day of September. Governor Ned Lamont worked hard to get this industry legalized in his state, and he was the first to place a legal wager.
Lamont visited the Mohegan Sun Casino on September 30, which is where the new FanDuel Sportsbook is located. His $50 bet on the Connecticut Sun to cover against the Chicago Sky will go down in history.
DraftKings was also able to launch its own retail sportsbook on this date, and Lamont was on hand for that celebration as well. The new DraftKings retail sportsbook has opened at the Rainmaker Casino at Foxwoods, a property owned and operated by the Mashantucket Pequot Tribe.
Retail betting will be on the only form accepted for the first week in October, but both DraftKings and FanDuel are expected to launch online on October 7. PlaySugarHouse Sportsbook is the chosen partner of the Connecticut Lottery, and it will also go live on that date.
Launching sports betting during the NFL season should allow Connecticut to put up impressive sports betting numbers in the first couple of months.
House Bill 6451 was the monumental piece of legislation that was signed into law by Lamont on May 27 of this year. Not only is sports betting now legal, but the state can also offer online casino gambling as well.
Lawmakers in the state of Connecticut were in complete support of legalizing these two industries, but they also wanted to limit the amount of licenses. The Mashantucket Pequot Tribe and the Mohegan Tribe also had to be convinced to sign a new gaming compact.
Sports betting revenue will be taxed at a rate of nearly 14% in Connecticut, and this is on the high side compared to other states. Online casino revenue will be taxed at a rate of 18 percent, with that total rising to 20 percent in five years.
DraftKings, FanDuel Set For Battle
While there will only be three online sports betting options in the state, Connecticut should feature a highly competitive market. DraftKings and FanDuel are the two leaders in the US sports betting industry, and they will be going head-to-head in this state.
Both companies are also going to be offering online casino gaming as each has been able to add that to its portfolio in recent years. PlaySugarHouse is a solid company in its own right, but it will struggle to keep up with the bigger names.
Lottery Offering Retail
When it comes to retail sports betting in the state of Connecticut, the Connecticut Lottery should lead the way in that category. There will be 15 retail sports betting locations owned by the Connecticut Lottery, and these will be scattered throughout the state.
Sportech is another company that should benefit from the launch of Connecticut sports betting as they will have ten retail sports betting locations. It’s unclear when these retail locations will be open for business, but a soft launch is expected this week.