Connecticut committee approves sports betting bill

Connecticut Sports Betting Bill
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The Connecticut House Public Safety and Security Committee has approved a bill submitted by its own chairman Joe Verrengia regulating online and land-based sports betting in the state.

HB7331 will appoint the Connecticut Department of Consumer Protection as regulator to the potential $30m market, with the additional administration funded by a tax rate of 9.89 percent of gross operator revenue.

Sports betting operator licenses will cost $100,000 in application fees plus $500,000 for a two-year licence, while vendor licenses and lottery sales agent licenses will cost $300,000 and $250,000 respectively, alongside the same application outlay.

Importantly, the bill also creates a new compact with the Mashantucket Pequot and Mohegan tribes, which hold exclusive casino rights, with 25 percent of revenue delivered to the state should the US Department of the Interior approve the proposal.

The tribes had previously opposed sports betting in Connecticut as a threat to exclusivity.

The controversial issue of integrity fees will also be navigated by ensuring the Connecticut Commissioner of Economic and Community Development founds new partnerships with professional sports leagues, using funds generated from sports betting.

Following committee approval, the bill will be processed by the House, Senate and Governor, becoming law in 1 July 2019 if ratified.

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