Gov. Ned Lamont has reached an agreement with the Mohegan Tribe that paves the way for the legalization of online gaming and sports betting in the state of Connecticut.
The new agreement includes a 20% tax rate for online gaming while sports wagering revenues will be taxed at 13.5%.
The 10-year deal has the option of a five-year extension and will also allow the Connecticut state lottery to operate 15 retail sports betting locations. These locations will include new properties in Hartford and Bridgeport.
In a written statement Gov. Ned Lamont said:
“This agreement represents months of hard work and dedication to getting a deal that’s best for the residents of Connecticut and moves our state forward when it comes to the future of gaming.
We are incredibly fortunate to have such a devoted partner in these efforts like the Mohegan Tribe, as they have been open to negotiation, honest discussion, and a positive path forward that is beneficial for both their tribe and the State of Connecticut.”
Mohegan Tribe Chairman James Gessner Jr. was equally happy with the outcome. In a written statement he said:
“The Mohegan Tribe is proud to have reached this agreement with Governor Lamont and the State of Connecticut.
This path will allow Connecticut to generate tax revenues from sports and online gaming that are competitive with other states, and help keep Connecticut with those states when it comes to growing our economy and benefiting the state budget. We’re thankful to Governor Lamont and his team, and we look forward to continued work with the General Assembly as this process continues.”
The Mashantucket Pequot Tribal Nation have yet to agree to the terms of the deal but according to chair of the tribe, Rodney Butler, negotiations are going well.
The announcement is good news for state residents and follows hot on the heels of the recent announcement that Gov. Lamont has included sports betting revenues in his budget for the coming years.