06/28/2019 | News release | Distributed by Public on 06/28/2019 07:42
Sportech Venues, Inc., a division of Sportech PLC, announced that the Connecticut State Budget signed by Governor Lamont on June 26, 2019 included legislation that clarifies and strengthens Sportech's exclusive license to conduct off-track pari-mutuel betting in the State of Connecticut.
Sportech Venues, Inc. holds the exclusive license to offer off-track betting in the State of Connecticut and does so through its 15 venues and online betting services.
This budget legislation closes a loophole and thus legally prohibits unlicensed online operators from taking wagers from Connecticut residents. This law becomes effective as of 1 October 2019.
Ted Taylor, President of Sportech Venues, Inc., said, "Sportech have invested heavily in our Connecticut business on the basis of our exclusive license to offer off-track betting there. We are pleased that the State of Connecticut recognized Sportech's exclusive license with this legislation to close a loophole that deprived Sportech of legitimate revenues but also, by virtue of uncollected pari-mutuel taxes, deprived the State of Connecticut of tax proceeds. This was a good result for both Sportech and for the people of the State of Connecticut."