Connecticut Lawmakers Propose Legal Betting on In-State College Teams

Connecticut lawmakers have reintroduced a proposal that could permit sports betting on local college teams such as UConn and Yale. While sports betting has been legal in the state since 2021, current regulations prohibit wagering on in-state college programs.

The proposal, brought forward by state Rep. Tony Scott, R-Monroe, has been referred to the General Assembly’s General Law Committee for consideration.

New Legislative Effort to Expand Sports Betting

The proposed legislation seeks to change the current restrictions, allowing residents of DraftKings and FanDuel. Presently, these apps utilize geolocation technology to prevent bettors from wagering on in-state college games.

This is not the first attempt to amend the sports betting laws. A similar proposal was introduced last year but failed to progress beyond committee discussions. However, from influential figures such as House Speaker Matt Ritter, D-Hartford, has brought renewed attention to the issue.

“I think the time has come to allow the expansion of it,” Ritter said last year. “It’s not like there’s no way to bet on UConn… It’s naïve to believe that there was not at any given time thousands of people betting on UConn.”

Potential Benefits and Concerns

Advocates of the bill argue that permitting bets on Connecticut-based college teams could generate additional revenue for the state and meet public demand.

However, universities have previously expressed concerns, citing potential negative impacts on student-athletes and increased temptation for students to engage in gambling.

The outcome of the proposal remains uncertain, but with increased legislative backing, it could see renewed momentum in the coming months.

Record-Breaking Sports Betting Revenue in November 2024

Connecticut’s sports betting industry achieved a new milestone in November, with the state reporting a record gross revenue of $30.3 million.

This sures the previous record of $26.6 million set in September. Adjusted revenue for November soared to $25.5 million, marking a 147% increase compared to the same period in the previous year.

The total sports betting handle in November reached $228.2 million, the second-highest monthly handle in the state’s history, following October’s $229.5 million. The industry’s performance was bolstered by strong hold rates, with a gross hold rate of 13.3%, one of the highest ever recorded in Connecticut. The adjusted win rate stood at 11.2%.

Leading the market in November, FanDuel handled $98.4 million in bets, generating $13.1 million in gross revenue. DraftKings followed with a $91.2 million handle and $11.8 million in gross revenue. Fanatics Sportsbook contributed a $28.4 million handle and $3.9 million in revenue.

Retail sportsbooks reported a total handle of $10.1 million, experiencing a slight decrease of $700,000 compared to October. Despite the dip, retail sportsbooks maintained a strong 15.3% hold, yielding $1.6 million in revenue.

Tax contributions from sports betting also saw a notable increase, with the state receiving $3.5 million in November, compared to $2.1 million in October. These figures reflect the continued growth and profitability of Connecticut’s sports betting market.

Source:

“Betting on UConn, Yale and others could become legal in CT under proposal”, ctpost.com, January 22, 2025.