Connecticut Agree to Terms with Mohegan Tribe for Gambling Deal
Connecticut Governor Ned Lamont has agreed to an iGaming & Sports betting deal with the Mohegan Tribe.
In a sudden and positive turn of events, Connecticut Governor Ned Lamont and the Mohegan Tribe revealed earlier this week they have come to an agreement to modernize gaming options in the Constitution State. The deal includes legislation for sports betting and online casino gaming. The state of Connecticut is still negotiating with the Mashantucket Pequot Tribal Nation, which owns and operates Foxwoods Resort. The agreement with the Mohegan Tribe, which owns the Mohegan Sun Resort in Uncasville, also has terms for new gaming options for the Connecticut Lottery Corp.
Gov Lamont said that the deal “represents months of hard work and dedication” in efforts to agree to get the best outcome for the residents of Connecticut. He added that it “moves our state forward when it comes to the future of gaming.” Lamont stated that Connecticut is “incredibly fortunate to have such a devoted partner” when describing the Mohegan Tribe. He said they were “open to negotiation, honest discussion, and a positive path forward” that will benefit both their tribe and the State of Connecticut.
A few weeks ago, Lamont was optimistic when he released his two-year budget and hinted that he expects $50 million in revenue from online iGaming, sports betting, and iLottery. New Hampshire and Rhode Island are the two New England states that have legalized sports betting.
Breaking Down the Deal
The license agreement is set at ten years and includes a five-year extension option. Other critical aspects of the Connecticut agreement include:
- A 13.75% tax rate on sports wagering.
- The lottery has the option to sub-license some of those locations to the state-licensed pari-mutuel operator.
- A 20% tax rate on new online gaming, or “iGaming” platforms.
- The state lottery can operate 15 retail sports betting locations, including operating an online sports betting skin.
- The lottery will take on new retail sports betting venues in Hartford and Bridgeport.
Mohegan Tribe Chairman James Gessner Jr said that they were “proud to have reached this agreement” with the state and Gov. Lamont. He added that by agreeing to terms, Connecticut can now “generate tax revenues from sports and online gaming that are competitive with other states.” Gessner believes that Connecticut will now be able to keep pace with “those states when it comes to growing our economy and benefiting the state budget.”
Negotiations Continue with Mashantucket Pequot Tribe
One of the significant obstacles in the negotiations with the Mashantucket Pequot Tribe revolves around revenue, which is why no deal has been announced yet. In December 2020, DraftKings and the Mashantucket Pequot Tribal Nation announced a deal for online sports betting market access.
Mashantucket chairman Rodney Butler appeared during a public hearing and said, “It literally comes down to a question of fairness and equity.” He clarified that point by stating that “It’s a revenue question.”
Since November 2020, both tribal nations have been locked in talks with the state to introduce digital gaming for residents. At the start of 2021, Lamont said he was excited about working with “tribal partners to modernize gaming in our state.”
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