Vermont Governor Phil Scott has signed into law a groundbreaking piece of legislation that legalizes online sports betting in the state, marking a significant expansion of gambling since the implementation of the Vermont Lottery in 1977. With this move, Vermont becomes the latest state in the US to embrace the growing trend of legal sports betting, joining over 30 other states that have already adopted similar measures.
Gov. Scott, a staunch advocate of sports betting in Vermont, expressed his satisfaction with the state legislature’s bipartisan achievement, stating, “I first proposed Vermont legalize sports betting several years ago, and I’m happy the Legislature has agreed, as well.” The governor recognizes the economic potential of legalizing sports betting, allowing the state to capture revenue that would otherwise flow across state borders or end up in the hands of illegal operators.
The new law paves the way for online-only sports wagering since Vermont lacks commercial or tribal casinos.
Bettors will have access to a wide range of professional and collegiate sports, excluding regular-season games involving Vermont-based universities. Participants must be 21 years or older to place bets.
The legislation permits up to six online sportsbook platforms, with approved operators required to pay an annual fee of $550,000. License renewals will be available every three years for $110,000. As for taxation, sportsbooks will contribute 20% of their gross sports betting revenue to the state, mirroring the tax level in neighboring Massachusetts. A portion of these funds will be allocated to the newly established Sports Wagering Enterprise Fund, which aims to address problem gambling, cover regulatory expenses, and establish self-exclusion programs.
Analysts predict that sports wagering could generate up to $10 million per year for Vermont, depending on the level of interest from betting platforms.
The online betting platforms are expected to be up and running by January, following the implementation of regulations by the Vermont Liquor and Lottery Department.
Responsibility and consumer protection are key priorities in the legislation. Operators must demonstrate their suitability to operate and submit responsible gaming plans outlining how they will assist potential problem gamblers, set betting limits, and implement self-exclusion programs. The lottery agency, tasked with regulating sports betting, will also ensure that advertising by sportsbooks does not target individuals under the age of 21. While the legislation does not set a cap on advertising spending, the agency plans to establish rules to prevent excessive advertising in this domain.
With the legalization of online sports betting, Vermont is embracing the rapidly expanding gambling world and positioning itself to capitalize on the thriving market. As more states recognize the benefits of regulating sports betting, the availability of betting options continues to grow, allowing enthusiasts to place their bets from every corner of the world.
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