Connecticut Governor Ned Lamont Announces Support for Sports Betting

Connecticut sports betting is another state that needs to go through and work with tribal casinos to get anything related to gambling done. However, with revenues down due to the Coronavirus Governor Ned Lamont unveiled his desire to work with the tribes on getting both sports betting and iGaming operational in order to get money flowing into the state.

Gov. Lamont’s Comments

These comments were made available after a biennial budget address that was held on February 10th. Not only is Governor Ned Lamont backing sports betting and iGaming, but he is submitting legislation to the State Congress that he feels would benefit all parties involved.

We have seen that the Governor’s support for sports betting and iGaming can make a massive difference in a state’s ability to legalize. Both New York and Arizona are seemingly on the fast track to mobile sports betting thanks to a Governor backing in the state.

Connecticut Sports Betting and Tribal Casinos

As of right now, there are ongoing negotiations on how to proceed. It would seem that tribes will surely be a part of this gaming expansion if it happens; however, exclusivity is the real question. We have seen in other states that oftentimes a government will simply hand out skins, also known as betting licenses, to the tribes that can then partner with out-of-state sportsbooks.

There is no reason why Connecticut could not do this and still have a thriving online gaming scene as they simply could give out multiple licenses to the casinos. However, the only worry there is that many go unused.

As of right now, one of the two major tribes responsible for gambling, Foxwoods, already has a partnership with a sports betting leader in the country, DraftKings. DraftKings is undoubtedly one of the biggest and best sportsbooks, so if Connecticut goes this route, expect DraftKings to be one of the first to open its online casino and sportsbook for bettors in the state.

Can iGaming & Sports Betting Really Solve the Budget?

The short answer is no. However, iGaming and sports betting could go a long way in helping supply a needed boost to revenue in the state. Connecticut is a fairly wealthy state and holds a respectable three and a half million people in it. The numbers that it could bring in for sports wagering and online casinos could be very decent.

However, Connecticut needs to approach this smartly and make sure that it maximizes revenue coming in, similar to how Tennessee did in their state. If Connecticut takes the Colorado or New Jersey approach, then this will be no help to the budget in 2021. These states are too bettor-friendly and have too small of tax rates to really make a difference in the budget immediately for Connecticut.

Meanwhile, there is New York that is charging a one-time $12 million licensing fee for sportsbooks if the current legislation goes through. This obviously would give a huge influx of cash to the state immediately. However, Connecticut would have a hard time doing this while also still pairing with tribal casinos.