CT Sports Betting coming very soon | The Boneyard

CT Sports Betting coming very soon

aburks41

aburks41

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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?
 
This is big! I'm wondering what the terms are?
 
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?
 
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TMB4405 said:
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?
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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.)"
 
HuskyAlum012 said:
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.)"
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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.
 
HuskyAlum012 said:
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.)"
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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.
 
TMB4405 said:
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.
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I'm sure they are taking a piece of the handle.
 
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The agreement mentioned setting up a betting site in Hartford, would that be XL center?
 
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Jbirdp5 said:
Online poker not far behind????
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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.
 
So will all betting only go through Mohegan Sun, Foxwoods, and the CT Lottery?
 
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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.
 
Waquoit said:
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.
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Yes looks like the bill says online casino gaming, I’m assuming poker would be included!
 
Pathetic! The only answers our lame politicians in this state have is weed and gambling. No morality at all!!!
 
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