Connecticut is one of many states that has yet to approve sports betting legislation. That isn’t stopping some of the casinos here from expressing interest in this new industry, though. Reports have just surfaced that claim the Foxwoods Casino Resort has signed a deal with DraftKings to offer online sports betting in the future.
Many expect Connecticut to finally legalize and regulate internet sports betting in 2021. The Foxwoods Casino certainly feels the launch of this industry in the state is just around the corner. Today, we’ll talk about this casino’s deal with DraftKings.
Let’s get into it!
Connecticut Fails to Approve Sports Betting Bill in 2020
The United States is now home to one of the largest and most profitable sports betting industries in the world. It’s incredible when considering this industry is only a few years old. It wasn’t until mid-2018 that states other than Nevada were able to offer sports betting options.
Several more states approved bills to legalize sports betting in 2020. That includes Louisiana, South Dakota, and Maryland. Most analysts expect these states to see major revenue earnings as soon as their regulated sportsbooks go live.
Some felt that Connecticut would choose to get its sports betting industry up and running this year. Many lawmakers here have been pointing at the potential for major earnings for the state. Unfortunately, no bills were passed before the end of the legislative session in November.
Some of the commercial gaming entities here have blamed Native American tribes for failing to approve this industry. These officials claim the tribes are looking for exclusive rights to sports betting options. It’s the same issue that’s led to delays getting California’s sports betting industry operational.
Negotiations between these two groups are ongoing. No real progress has been made yet, and hope for Connecticut to legalize sports betting in 2020 is now dead. Proponents of this industry are now pushing to get things approved next year.
It seems the Native American tribes here are expecting this industry to launch in 2021. One of Connecticut’s biggest casinos has just signed a new deal with one of the world’s biggest sports betting companies.
Foxwoods Casino Resort Signs New Deal With DraftKings
Connecticut is home to only two major Class III casinos. That includes the Foxwoods Casino Resort in Ledyard and the Mohegan Sun in Uncasville. Both of these properties are operated by Native American tribes.
New reports claim that the Foxwoods Casino has just signed a new deal with DraftKings. Under this new deal, the Foxwoods Casino will have the right to launch online sports betting options through DraftKings once legislation is approved. This deal also allows for this casino to offer daily fantasy sports options.
Foxwoods has been pushing hard to get Connecticut’s sports betting industry operational. The owners of this property are now taking matters into their own hands and clearly expect online sports betting to be approved in 2021.
Rodney Butler, chairman of the Mashantucket Pequot Tribe which owns Foxwoods, released a statement on this new deal to the media this week.
“We’ve proven our ability to shape the future of gaming time and time again, and now we’re ready to drive sports wagering and online gaming for the state of Connecticut,” Butler said. “Working through the tribal gaming compacts, we will help bolster our economy with much-needed revenue and virtual entertainment.”
Foxwoods has been hit hard by the pandemic. The casino’s revenue figures remain far lower every month this year than they were in 2019. With Covid-19 cases rising steadily in Connecticut, many expect revenue to continue dropping for the next few months.
Online sports betting could help to bring this casino some much-needed money. We’ll continue offering updates on this situation over the next few months!
States Continue to See Big Earnings From Sports Betting Options
More than half of the US has now approved bills to allow sports betting. It’s easy to see why. This is proving to be an extremely profitable industry and is helping to bring states money via taxes at a time when it’s desperately needed.
Land-based casino revenue continues to drop. Online sports betting revenue, however, has been steadily rising throughout the year. Several states have recently begun seeing record-earnings from their sports betting platforms.
That includes Colorado. Lawmakers here approved sports betting legislation back in 2019 and launched the first sportsbooks in May of 2020. In October, Colorado saw an incredible $17.4 million in sports betting revenue. That’s up more than $10 million from the month prior.
Pennsylvania also saw a major increase in sports betting revenue. New reports claim this state saw more than $47 million in revenue from this industry in October. Pennsylvania’s October sports betting industry also saw more than $500 million in sports betting handle.
Every state is taking a close look at this industry now. It seems highly likely that Connecticut will legalize and regulate this form of gambling next year. That’s great news for the Foxwoods Casino Resort and its new partner DraftKings.
Do you expect Connecticut to legalize online sports betting in 2021? Let us know in the comments section below!