Friday, February 14, 2025

Several Sports Betting Bills Filed In Connecticut

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After legalizing mobile and retail sports betting in 2021, several sports betting bills have now been filed in Connecticut which could set new standards for the industry.

If passed, the bills would allow for betting on college games within the state, allow retail sports betting operators to void bets with errors, require two-way betting markets (a bet with only two potential outcomes), establish a maximum hold percentage for operators, and permit consumer opt-outs.

The news comes after the state’s sports betting operators set a new record for handle in December at $243.7 million, a year-over-year increase of almost 36%.

Details On The Bills

After the U.S. Supreme Court overturned the virtual ban on sports betting outside Nevada, some states chose to legalize sports betting but ban wagers on sports involving colleges from their own states. The goal was to prevent corruption, but the effects of those efforts are mixed and some states have instead looked to ban prop bets on collegiate athletes instead.

House Bill 5563 would amend the statutes to allow residents and visitors to bet on Connecticut NCAA teams, such as the UConn Huskies. A decision that could prove popular with March Madness fans.

A second bill, House Bill 5779, simply allows operators to correct betting errors. The bill is meant “to provide that a sports wagering retailer shall, prior to the start of any sporting event for which such retailer accepts any sports wagering and discovers any error, correct such error, cancel any sports wagering impacted by such error, and fully refund all patrons impacted by such error.”

House Bill 5778 stipulates that books can only offer two-way betting, meaning a wager with only two outcomes, unlike some soccer betting that allows for three outcomes (win, lose, or draw). Two-way wagering are simpler to understand and give bettors higher odds of winning, such as a moneyline bet on either the favorite or underdog, or betting the over/under.

The final piece of sports betting legislation, House Bill 5565, would require operators to allow bettors to opt out of viewing certain sports, events, or certain types of wagering.

Connecticut also legalized online gaming and poker in 2022, but has yet to see any poker operators go live. The state has just two tribal casinos, which collected $580 million in gross gaming revenue in 2023.

 

 

 



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