- Joe Verrengia puts forth a new online sports bill
- HB 7331 seeks to create a compact with tribes
- Operators need to pay $100,000 non-refundable fee
- Licenses issued for a two-year period
Connecticut is back in the center of events with a new sports betting proposal fired up for the state’s lawmakers to consider. Sponsored by the chairman of the Connecticut House Public Safety and Security Committee, Joe Verrengia, the new bill will seek to introduce wagering on both land-based and online betting activities.
Connecticut Takes a Shot at New Online Sports Betting Opportunities
Joe Verrengia, chairman of the Connecticut House Public Safety and Security Committee, has introduced a new bill, HB 7331, which will effectively seek to introduce sports betting to both land-based operators and licensed online businesses.
Control will be enforced by the Connecticut Department of Consumer Protection. Mr. Verrengia has outlined very mild entry costs for any business that wants to start operations in Connecticut. Every operator will need to pay an initial non-refundable fee of $100,000 to start the process.
Shortly after the initial payment, a $500,000 two-year license would need to be paid for as well. Sports betting is not the only license that interested parties would be able to acquire, including a sports wagering vendor licenses going for $300,000 and sports wagering lottery sales agent licenses available for another $250,000.
In each case, an initial fee of $100,000 will have to be paid.
The Essence of Connecticut’s Bill
The new Connecticut bill proposes important changes and builds on previous proposals. As a result, Mr. Verrengia has worked on establishing important aspects of the legislation, such as the legal gambling age as well as the available tax rates and to whom the money would be going to:
- Legal gambling age – 21
- Tax rate – 9.89%
- Money allocated to – Connecticut General Fund, Sports Wagering Account
- Regulated by – the Department of Consumer Protection
There’s also a legal wrinkle that explains that at the end of each year, 0.5% will be donated directly to CT five Regional Behavioral Health Action Organizations, which will be addressing issues, such as gambling addiction. The other 0.5% will be deposited directly into the General Fund.
The Tribes Are Welcome to Join and Work Together
Enjoying the support of CT governor, HB 7331 is also offering private operators to partner up with the Mashantucket Pequot and Mohegan tribal casinos available in the casino. This would necessitate to change the existing compact that the tribes have formed by themselves. Mr. Verrengia by themselves.
Integrity fees are also part of the offer, but Mr. Verrengia wants to see the Connecticut Commissioner of Economic and Community Development collaborate with main sporting bodies so any proceedings from sports betting can be used in a meaningful way. True, there are still hurdles, but the prospects seem promising altogether.
With the basic plan paid out, what follows is for Mr. Verrengia to push the bill successful through the House Public Safety and Security Committee which he presides himself. The next steps will be in the House, the Senate and finally in the governor’s office.