CT Sports Betting coming very soon

[aburks41]

The infrastructure has been in place for a while now. Idk how fast this can move, but any chance they approve this before March Madness?

 

[Letsgohuskies11]

Want to bet on when CT betting goes live?

 

[Waquoit]

This is big! I'm wondering what the terms are?

 

[Waquoit]

BTW, who is PM Mounds?

 

[TMB4405]

Being too lazy to research. But does anyone know how this is structured for the bettor? I am sure the casino charges a vig and the state gets a piece of that and presumably losses from bettors (income to casino).

My question is if I win a bet does the state take a piece of that (income tax)? Is it only wins over a certain size?

 

[HuskyAlum012]

BTW, who is PM Mounds?

Lamont's Chief of Staff

 

[HuskyAlum012]

Being too lazy to research. But does anyone know how this is structured for the bettor? I am sure the casino charges a vig and the state gets a piece of that and presumably losses from bettors (income to casino).

My question is if I win a bet does the state take a piece of that (income tax)? Is it only wins over a certain size?

Per google:

"Generally, if you win more than $5,000 on a wager and the payout is at least 300 times the amount of your bet, the IRS requires the payer to withhold 24% of your winnings for income taxes. (Special withholding rules apply for winnings from bingo, keno, slot machines and poker tournaments.)"

 

[TMB4405]

Per google:

"Generally, if you win more than $5,000 on a wager and the payout is at least 300 times the amount of your bet, the IRS requires the payer to withhold 24% of your winnings for income taxes. (Special withholding rules apply for winnings from bingo, keno, slot machines and poker tournaments.)"

Thanks I was aware of the federal deal. I was thinking along state lines. Since CT is the sponsor I am wondering what they do to get their pound of flesh.

 

[Waquoit]

Per google:

"Generally, if you win more than $5,000 on a wager and the payout is at least 300 times the amount of your bet, the IRS requires the payer to withhold 24% of your winnings for income taxes. (Special withholding rules apply for winnings from bingo, keno, slot machines and poker tournaments.)"

The 300-1 is the key. If the bet pays less than $5K at 300-1, you still have to pay taxes but the house doesn't withhold them.

 

[Waquoit]

Thanks I was aware of the federal deal. I was thinking along state lines. Since CT is the sponsor I am wondering what they do to get their pound of flesh.

I'm sure they are taking a piece of the handle.

 

[HuskyAlum012]

 

[Waquoit]

Another win for the Governor.

 

[August_West]

Want to bet on when CT betting goes live?

Yup.

when tolls and legal weed do. In other words don’t hold you breath. By the way all 3 should already be done.

 

[How Sway?!]

The agreement mentioned setting up a betting site in Hartford, would that be XL center?

 

[Ha Who]

The agreement mentioned setting up a betting site in Hartford, would that be XL center?

Lottery Corp is running Hartford site.

 

[Waquoit]

Maybe it's the OTB on Brainard Rd.

 

[CTBasketball]

I’ll stick to my bookie and not pay taxes.

 

[Jbirdp5]

Online poker not far behind????

 

[Waquoit]

Online poker not far behind????

Perhaps that's what they mean by "new online gaming, or “iGaming,” offerings." Just thinking out loud, maybe that's how they got the tribes to drop the exclusivity demand on sports betting. They got exclusivity on iGaming. Fine by me.

 

[UConnSwag11]

 

[UConnSwag11]

 

[UConnSwag11]

So will all betting only go through Mohegan Sun, Foxwoods, and the CT Lottery?

 

[UConnSwag11]

 

[UConnSwag11]

 

[Ts5034]

Well, It’s about time. Better late than never though. You would think all sides want this done and ready by summer at the latest so people can place bets come football season.