The Connecticut Lottery has revealed that 15 operators have applied for sports betting in the state.
The Connecticut Lottery announced on Monday that it has received 15 Requests for Qualifications (RFQ) responses as bids to offer sports betting following the deadline on Friday.
The Lottery launched its RFQ process on 12 April to “qualified and experienced sports betting solution providers for online and retail sports wagering systems and services.”
This comes after Governor Ned Lamont‘s office and the state’s two tribal gaming partners agreed on an expanded compact in March.
What happens now?
Although Lamont agreed to the expanded tribal gaming compact, it still needs to be approved by the state legislature and must also receive federal approval.
Rob Simmelkjaer, Chairman of the Connecticut Lottery Corporation said: “We are pleased to see significant interest from companies who would like to partner with the CLC to bring our online and retail sports betting offering to market.
“Our staff and board will now begin a process of carefully reviewing the qualifications of the submitting parties as we work towards choosing the right partner in this important initiative for our state.”
The next step for the state Lottery will involve inviting those companies who applied to the RFQ process to present their responses this week. Next week Monday, finalists will be asked to present formal business plans.
On its current timeline, the Lottery expects to select a sports betting partner by 17 May. The Lottery has yet to reveal which companies have applied.
In its statement, the Lottery said: “Due to the confidential nature of the RFQ process, and the need for full legislation to come forth from the Connecticut General Assembly, the CLC will not release any further information at this time.”
The Lottery also pointed out that it cannot move forward with hiring a partner until the state legislature and Lamont officially legalise sports betting.
What sports betting in Connecticut will look like
At this moment in time, it is not entirely clear what the market will look like as regulations for sports betting still need to be drafted.
However, based on the agreement between the state and the tribal gaming operators, the Connecticut Lottery, which will have the right to operate 15 retail betting facilities as well as one online sports wagering skin. The 15 betting facilities will include new venues in Bridgeport and Hartford.
Some of the locations operated by the Lottery will also have the right to sub-license some of the locations to Sportech, the state’s pari-mutuel wagering operator.
This licensing agreement will run for an initial period of 10 years and could be extended for five years.
The agreement also sets a tax rate of 20% for online gambling while sports betting would be taxed at a rate of 13.75%.