Sports Betting To Be Legalised
It will be a happy new year for sports fans in Vermont, with the state confirming sports betting will be legalised on January 11th 2024.
Republican Governor Phil Scott made the announcement on December 12th. Three operators, DraftKings, FanDuel and Fanatics Sportsbook, will all be allowed to provide mobile sports wagering options for players in Vermont. BetMGM and Penn Sports Interactive were both denied licenses. Scott signed the initial bill to legalise sports betting in Vermont back in June this year.
The launch of legal sports betting in the region will coincide with the beginning of the NFL playoffs, providing punters with an opportunity to make their first bets on a huge event in the US sporting calendar.
Leading Sportsbooks
Vermont will become the 36th US state to legalise the practice. DraftKings and FanDuel are the two leading sportsbooks in America, and by launching with these two names, Vermont users will instantly have access to the very best sports betting markets and odds available in the United States.
Fanatics Sportsbook, on the other hand, is a much newer platform but is one that has made a strong impact in the states it is available in. It launched in April this year and has recently been made available in Virginia and Connecticut.
Rules And Regulations
Each company licensed in Vermont will be required to pay at least 20% of its revenue to the state on top of a $550,000 operator fee. Operators will also need to give $250,000 of their first-year revenue to help responsible gambling in the state. Projections suggest sports betting will bring in $7 million in revenue during the first 12 months.
Sports betting in Vermont will be monitored by the state’s Department of Liquor and Lottery. The department will create an annual report highlighting the impact of sports betting on problem gambling and mental health issues in the state. These reports will then be used to help impact further legislative changes as the market grows.
Speaking of the launch, Phill Scott said, “I first proposed Vermont legalise sports wagering several years ago, and it’s good to see it come to fruition”. He promised that the marketplace would be well regulated, ensuring excellent sports wagering opportunities for both Vermont residents and visitors alike.
Wendy Knight, commissioner of the Department of Liquor and Lottery, also spoke about the launch. Knight said, “Frankly, I am thrilled with the revenue share that we were able to secure with the operators”. She noted that it was higher than it would have been with a tax rate.
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