Connecticut knows that it is losing out on millions of dollars each month by not legalizing sports betting. Neighbouring states like Rhode Island and New Jersey have a thriving sports betting market and Connecticut bettors are boosting their revenues.
Since there is no legalized betting market in Connecticut, sports bettors cross the border into New Jersey or Rhode Island and place their bets. Some bettors who do not want to make the trip across the state border, use illegal betting sites to place their bets on their favorite teams.
Connecticut Governor Ned Lamont said that he was aware his state was losing millions of dollars each month to both out of state sportsbooks and illegal sports books. The Governor is keen to put a stop to this practice and is pushing for sports betting to be legalized in his state.
CBS New York
Connecticut is one of the many states to have taken a big hit economical due to COVID-19. The state government is looking at different ways to boost the economy and create new income streams. Gov. Lamont believes a legalized sports betting market is a good option along with the legalization of marijuana.
The legalization of sports betting will automatically curb illegal sports betting in the state and also stop bettors from going out of state and keep betting dollars in-state. A legalized betting market would also create thousands of jobs for Connecticut which is essential at this point in time.
New Jersey was the first state to legalize sports betting once the Professional and Amateur Sports Protection Act 1992 (PASPA) was repealed in May 2018. New Jersey’s betting market has grown considerably with every passing month and the Garden State registered a total of $930 million in bets in November 2020. The state brought in over $50 million in revenue due to the 13 percent online betting tax and 8.5 percent in-person betting tax.
Connecticut will not be able to generate such high numbers given the size of its betting market. However, Connecticut will be able to generate millions of dollars in revenue once its sports betting market is up and running.
To get sports betting legalized, Governor. Lamont and his team will have to work closely with the Mohegan and Mashantucket Pequot tribes who have an exclusive compact with the state to offer casino games.
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