Connecticut to launch sports betting on October 7

The Department of Consumer Protection has confirmed the official date for the launch.

US.- After passing the mandatory phases of approval, legal sports betting in Connecticut is soon to be a reality. The Department of Consumer Protection confirmed that the market is scheduled to launch on October 7.

This will allow the state to still capture three months of the NFL regular season, which is the most important season for sports betting revenue generation. Connecticut is the sixth-wealthiest state in the US by median household income, so sportsbooks are excited about the state’s market opening.

One of the main motives for legalisation was tax revenue for the state. Connecticut will collect 18 per cent on online casino gambling, which will increase to 20 per cent after five years. It will collect 13.75 per cent on sports betting and fantasy sports. 

Sports betting is expected to generate $28m in taxes in the current fiscal year and rapidly increase in the future. The state’s two tribal nations and the Connecticut Lottery must also contribute $2m each year to combat problem gambling.

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