How much will Connecticut benefit from sports betting?
April 26, 2018 10:33 AM
by Brett Smiley
Despite a feeling that a Connecticut sports betting law won’t reach completion during this legislative session, one bill on the table, SB 540, continues to move through the process of getting to the Senate floor.
Earlier this week, the bill, initially introduced by the Finance, Revenue, and Bonding Committee, was reviewed by the state’s Office of Financial Analysis. This step is necessary before a bill can be voted on in either chamber.
The report shows modest gains in state revenue should Connecticut legalize sports betting. For example, according to the report, the Connecticut Lottery Corporation, which would be charged with overseeing sports betting, is projected to see an increase in revenue of “up to $2 million” in fiscal year 2019 and “up to $4 million” in 2020. Those projections do get as high as “up to $16 million” by fiscal year 2023. The revenue would ultimately land in the state’s General Fund.
Lawmakers have been publicly stating that sports betting could bring in “$40-$80 million” per year, and Governor Gina Raimondo of nearby Rhode Island already has factored a reported $23.5 million in revenue from sports betting into her state budget.
Check out sportshandle.com for the full article.