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Legislators in Connecticut are hastily preparing to permit sports betting in the state as they are expecting the Supreme Court to rule in favour of legalization. Connecticut is just one of the dozen of states which are already anticipating to launch their sports betting industry as this type of gambling, which is currently prohibited except for Nevada, may soon be allowed across the U.S.
House Democratic leaders are looking to come with legislation that legalizes, regulates and taxes sports betting. At a press conference in the Legislative Office Building on Wednesday, House Speaker Joe Aresimowicz said that if the court allows this market in the United States, Connecticut lawmakers need to be ready. The issue should be addressed before the regular 2018 General Assembly session, which ends on May 9.
Aresimowicz explained that although the details of the future bill are yet to be discussed, he and his colleagues have outlined the basics. According to him, the legislation may provide several legalized gambling options and sports betting may be offered at land-based and online facilities. The idea is that all Connecticut customers who wish to place bets on sports events online to be able to do that legally at websites licensed in the state. Currently, patrons can enjoy sports betting online mainly at Nevada-based sportsbooks and gambling sites.
Potential revenues from sports betting taxes could raise between $40 million and $80 million a year for the state, added Aresimowicz, although it is still early and these are very preliminary fiscal estimates. House Majority Leader Matt Ritter agrees that Connecticut should be ready for the Supreme Court decision in terms of regulatory measures and taxation as soon as possible. He believes that the federal ban on sports betting may really be overturned which could allow this type of gambling services to be offered across the country. Moreover, Connecticut needs to be competitive with other states, so measures should be taken now, as sports betting will be legalized everywhere within 2 or 3 years, said Ritter.
U.S. Supreme Court Expected to Allow Sports Betting
Currently, sports betting is illegal in most states, except for Nevada and several limited options in other states. By the end of June, the Supreme Court will rule on a lawsuit filed by the State of New Jersey. In it, the state challenges the federal ban on sports betting and the exemption of Nevada which is a violation of the Constitution, claims the State of New Jersey.
Most experts expect a decision in favor of the state, which would see betting on sports events and leagues instantly becoming legal everywhere in the country. And while Democrats in Connecticut are already calculating the annual revenue of up to $80 million based on a 10.5 percent tax for any licensed, sports betting operator in Connecticut, Republicans warn that the state should not rely on this revenue for addressing its financial issues.
However, Connecticut has already added the potential revenue stream when the new state budget was shaped and approved in October 2017. Within it, lawmakers detailed a provision regarding fantasy sports – they are legalized as long as they do not interfere with the agreement between the state and the Mashantucket Pequot and Mohegan tribal nations which operate casinos in southeastern Connecticut.
Interestingly, according to the Mashantucket Pequot and Mohegan tribes, sports betting falls under the category “all casino games”, which would breach the guaranteed monopoly tribes have over offering such games. Apparently, the Supreme Court decision is just one of the many aspects of the problem Connecticut lawmakers need to account for.
The post Connecticut Legislators Prepare to Legalize Sports Betting ahead of Crucial Supreme Court Decision appeared first on Casino News Daily.
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