The Connecticut Department of Consumer Protection (DCP) has released a statement warning local players that election betting is not legal and that there are only three licensed online sports betting platforms available in the state.
“We know elections sometimes feel like a sport, but the reality is they are not. Wagering on an unlicensed platform just to bet on an election leaves consumers' personal information and money vulnerable to theft and fraud,” DCP commissioner Bryan T. Cafferelli said through a press release. “Any platform offering wagers on the election is unregulated by the Department of Consumer Protection. No licensed platform may offer wagers on election outcomes in Connecticut.”
The three online sportsbooks authorized by either tribal gaming compacts or agreements with the Connecticut Lottery Corporation are:
- DraftKings, through its partnership with the Mashantucket Pequot Tribe and Foxwoods Casino
- FanDuel, through its partnership with Mohegan Tribe and Mohegan Sun Casino
- Fanatics, through its partnership with the Connecticut Lottery Corporation
The clarification on the illegality of election betting and what sportsbooks are legal comes as the state has just broken its sports betting handle record for a month in September. State-approved sportsbooks helped generate $214.4 million in sports betting handle, an 18.4% increase year-on-year and a 65.9% monthly increase. The state also hit a record gross revenue figure of $26.6 million.
U.S. election continues to draw betting attention
There has been plenty of demand for U.S. election odds and betting on the election, which remains illegal in Connecticut. Many sportsbooks outside of the country have offered betting markets for the 2024 U.S. presidential election, adding options for betting on the candidates to win certain states depending on which operator you use. See more in Covers' biggest election bets tracker.
By the middle of October, Betfair estimated that $190 million had been spent on election betting through its sportsbook and sports betting exchange.
While election betting may not be legal in Connecticut, the rise of financial prediction platforms that offer event contracts on the outcomes of events like political elections has been supercharged by the upcoming November election.
Platforms like Kalshi and Robinhood have given bettors a chance to make predictions about the upcoming election and win money. Kalshi has seen nearly $200 million in trades on the U.S. presidential election.
However, the legal status of financial prediction platforms has also come into question. Kalshi faced a lawsuit that prevented it from offering U.S. presidential prediction markets for some time. The U.S. Court of Appeals for the District of Columbia Circuit dismissed that lawsuit in October.
As financial prediction markets are similar to sports betting markets, this and the various misinformation around election betting prompted the Connecticut DCP to issue its statement.
