The state of Vermont has officially launched online sports betting, marking a significant development in the regional gaming industry. As of Thursday, Vermont sports enthusiasts can engage in mobile sports betting, joining the ranks of numerous states in the U.S. that have legalized this form of gambling.
Vermont Welcomes Online Sports Betting
A Landmark Decision
Governor Phil Scott played a pivotal role in this transition, having signed a bill in June last year that made online sports betting legal in Vermont. This decision followed a thorough legislative process, including a study on the benefits of sports betting and careful regulation decisions.
Vermont, often referred to as the Green Mountain State, becomes the final New England state to legalize sports betting.
Select Operators Leading the Charge
The state has authorized three major operators – DraftKings, FanDuel, and Fanatics Sportsbook – to manage mobile sports betting platforms. These selections were made through a competitive bidding process.
Vermont law permits up to six online sports betting operators, but only five applied, with three being accepted. This choice of operators underscores the state’s commitment to a regulated and consumer-protected betting environment.
Economic Implications and Responsible Gaming
The new sports betting operations are expected to generate significant revenue for Vermont, with estimates of up to $7 million in the first full year. Moreover, the state has put in place measures for responsible gaming.
The Vermont Department of Liquor and Lottery, in collaboration with the Department of Mental Health, will annually report on the impact of sports betting on problem gambling.
Moreover, operators are required to submit a responsible gaming plan yearly, emphasizing consumer protection and responsible gambling practices.
Betting Options and Regulations
The betting catalog in Vermont includes a range of sports, including popular leagues like the NFL, NBA, MLB, and more. However, bets on in-state teams are restricted unless it’s a postseason tournament.
The Department of Liquor and Lottery oversees the regulation, licensing, and application process for sports betting in Vermont. Participants must be 21 or older to place bets.
Financial Aspects and Revenue Allocation
The sports betting law mandates that at least 20% of the sportsbook operators’ adjusted gross revenue, along with a significant operating fee, contribute to the state’s funds.
The revenue distribution includes allocations to the Department of Health’s problem gambling fund and the digital services agency’s self-exclusion program, among others.
With a potent blend of lived experience and technical expertise, Stephen Naumov stands as a distinctive voice in Mr. Sweepstakes's content team. Born in the historic city of Sofia, Bulgaria, Stephen studied economics at New Bulgarian University and also enriched his expertise by becoming a software engineer at the renowned Telerik Academy.