It had been hoped that sportsbooks would soon be able to legally operate in the state of Connecticut, thanks in a major way to the US Supreme Court giving permission for any US State to be given the option of operating such venues, and not just allow Las Vegas to hold the monopoly on such venues.
In fact, great interest had been shown by casino operators to open up sportsbooks in their Connecticut venues, however in a turn of events by state regulators it appears that there is going to be no sportsbook discussions being held in the very near future unless things change, and change rather quickly.
The stumbling block it would appear is the actual taxes charged on revenues raised by sport betting activities, if they were to become legal in Connecticut, for whilst those taxes could and would generate millions of Dollars, the potential rates charged and proposed appear to be way too high for any sportsbook operator to be able to afford.
As such talks regarding the legalising of sport betting activities and venues in Connecticut have now reached a stalemate, with state regulators stating they are not going to continue to look into the matter in the very near future!
The Sports Betting Business Model
Sport betting is of course big business in places such as Las Vegas, however as many sportsbooks operate to very tight budget controls, it is often the case that the profits they do generate from their sports betting customers has often been very low, when compared to other forms of gambling.
In fact, most land based casinos in places such as Las Vegas outsource their sportsbooks to other companies, with William Hill for example being one of the largest operators of sportsbooks in that US Sates, due to their vast experience in operating such venues.
Sportsbooks Have Often Been Loss Leaders
Many land based casinos operate their sportsbooks as loss leaders, and the idea behind them doing so is that it enables them to keep gamblers in their venues who may fancy placing a sport bet, and stops those customers leaving one venue to visit another one if there is no sportsbook inside the casino they are gambling in.
However, as far as the likelihood of sportsbooks being allowed in Connecticut, it does appear they are not likely to be permitted for the very near future, as discussions are now on hold.