Mohegan Gaming hints at Kindred-style market-access approach to betting in Connecticut
Operator “ready to go” with sports betting after state governor pushes for imminent launch
Mohegan Gaming has suggested it will operate a market-access approach to sports betting in Connecticut similar to that of its partnership with Kindred in New Jersey and Pennsylvania.
Speaking to analysts during the casino operator’s Q4 earnings, president and CEO Mario Kontomerkos said the firm was happy with its set up in Pennsylvania “given than it is receiving positive benefits from its deal” with Kindred Group.
As part of the deal, Mohegan is paid a cut of revenue made from Kindred’s Unibet betting and igaming product in the two states.
“I will tell you that we are on the side of making money as quickly as we possibly can and if that means taking a little bit of a haircut relative to some perceived longer-term target, then I think that’s something that we’re willing to do,” Kontomerkos said in response to analyst questions.
“[In Pennsylvania] we partnered with a digital gaming provider and our process there was just to basically become a landlord and receive a guaranteed payment.
“I think we’re very happy with what’s going on in sports betting, given that we’re receiving positive benefits from that deal,” he added.
On preparing to launch betting in the state, Kontomerkos said: “The time to act is now and the Connecticut tribes are ready to offer these new products the same way that we’ve invested in the world class land-based facility that we have here in Connecticut.
“We are ready to begin bringing that product to Connecticut as soon as the state allows that to happen,” he said.
“I’ll note also that we have already very successful platforms operating in the state of New Jersey and in Pennsylvania, so I think that we’re moving in the right direction on that.”
In January, 17 state lawmakers backed a new bill to allow the state’s two tribes to run sports betting and online casino.
At present, the tribes have exclusive gaming rights in exchange for 25% of slot revenue.
They have lobbied to maintain this exclusivity for betting and igaming.
Governor Ned Lamont said in his recent state budget address that neighboring states should no longer be reaping gaming revenue from Connecticut citizens.