Connecticut Eyes First-Ever Online Sports Betting Cap

In what would be a first, Connecticut lawmakers have announced they are considering a new bill that could potentially cap online sports betting wagers, a move that could impact not only high-stake bettors but state sportsbook revenues too.

The latest gambling-orientated proposal – SB01464 – was introduced in the Senate’s Joint Committee on General Law last week, and included a range of sweeping online poker and betting measures.

The bill’s primary aim is to facilitate a move for Connecticut to join the Multi-State Internet Gaming Agreement (MSIGA). The MSIGA allows online poker players to compete across state lines, increasing player pools and liquidity.

Given the appeal of joining MSIGA, SB01464 would enable Connecticut to join six other states including Delaware, New Jersey, Pennsylvania, Nevada, Michigan, and West Virginia in the agreement, facilitating a larger pool of online poker players from each state.

Yet, somewhat covertly, lawmakers have also crowbarred in a clause about limiting online sports bet. While the bill does not specify what the specific wager cap would be, its absence means the decision will be left to the Commissioner of Consumer Protection.

The move has surprised some in the industry, particularly as Connecticut’s sports betting sector has been soaring since it was first legalized in October 2021, generating an impressive $6 billion in handle so far, with 95% of bets placed online.

Not only that, but recent betting figures demonstrate growth for sports betting in Connecticut, with the Nutmeg States’ top five monthly betting handles all occurring between last September and January of this year.

The bill’s provision to impose a betting cap restriction would only likely impact the state’s big-money bettors. However, the repercussions would not only affect the major online sportsbooks like FanDuel, DraftKings, and Fanatics, but it could also severely dent the state’s tax revenues.

Undoubtedly, if passed, SB01464 could dramatically reshape the state’s online gambling landscape as lawmakers try to balance the state’s gambling sector’s further expansion with sensible regulations.

Nevertheless, for now, the fate of Connecticut’s high rollers remains very much in the balance as they await to see if a betting cap will curtail their stake values.