Connecticut Sports Betting Bills Would Cap Hold, Require 2-Way Markets

With five bills taking aim at the Connecticut sports betting industry, CT sportsbooks might soon have new rules to follow. 

Rep. Tony Scott introduced multiple pieces of legislation last week that would implement varying levels of rules for Connecticut sports betting. To the north, a Massachusetts bill introduced last week also aims to put tighter guardrails on the industry, similar to proposed national legislation.

Unlike the bill in Massachusetts, Scott’s bills would largely clean up the initial sports betting act rather than bring about sweeping reform. The Massachusetts bill appears based on the SAFE Bet Act, which is co-sponsored by Sen. Richard Blumenthal, who is from Connecticut.

Tightening CT sports betting

Scott’s bills include several instruments to rein in the sports betting industry: 

• House Bill 5564 would establish a maximum hold for sportsbooks. It does not set the number, but since sportsbooks launched, they have held 10.4% of the $5.6 billion lifetime handle. 
• House Bill 5565 would allow consumers to opt out of viewing certain sports or types of wagers.
• House Bill 5778 is an act to require two-way markets for all wagers. 
• House Bill 5779 would require sports betting operators who discover errors to correct the error, cancel the wager impacted by the error, and refund any bettor impacted by the error.

Loosening up a bit

Scott also introduced House Bill 5563, "an act concerning sports wagering on Connecticut intercollegiate teams.”

The bill would allow Connecticut sportsbooks to offer wagers on in-state college teams. Current law only allows betting on in-state teams during tournament play.

https://pechanga.net/connecticut-sports-betting-bills-would-cap-hold-require-way-markets-p55781-233.htm

https://www.legalsportsreport.com/221781/scott-connecticut-sports-betting-clean-up-bills/