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The Grueling Truth - Where Legends Speak / Vermont Senate passes sports betting bill, House next to vote

Vermont Senate passes sports betting bill, House next to vote

Publish Date: 05/07/2023
Fact checked by: Mike Goodpaster

Vermontโ€™s sports betting bill has passed the Senate and will immediately head to the House, which is expected to concur.

The House will send the bill to Governor Phil Scott, who already indicated that he would sign it, after the legislative session ends on Tuesday.

Vermont will be the last state in New England to legalize sports betting if the bill turns into law. It is expected that sports betting will launch in Vermont next year.

Vermont residents will have access to two to six sports betting apps after the VT sports betting bill (H.127). In-person sports wagering, however, will remain illegal because Vermont does not have sufficient infrastructure to accommodate physical sportsbooks.

The Department of Liquor and Lottery (DLL) is currently negotiating revenue-sharing rates with online sportsbook operators, with the success of the negotiation determining the final number of apps Vermont sports bettors can use in the future.

Each sports betting operator will pay an annual license fee of $550,000 for at least three years since it begins operation. The Vermont bill set the sportsbookโ€™s minimum revenue-sharing rate at 20 percent.

The new law will allow people in Vermont to bet on college sports, joining a handful of states, including Montana and Nebraska. According to the bill, the minimum age to place a wager is 2d.

Reports said policymakers also considered increasing the age limit for daily fantasy sports from 18 to 21. Policymakers eventually commissioned the DLL to conduct a study on daily fantasy sports regulations, which is due at the beginning of next year.

Financial projection on Vermontโ€™s sports betting

The Joint Fiscal Office forecasts around $2 million in sports betting taxes next year in Vermont. The number is expected to grow to between $4.6 million and $10.6 million in 2025 and around $10 million in the following years.

Vermont will also set up problem gambling programs, which will receive $250,000 in FY2024 and around $550,000 annually in subsequent years. The remaining revenue will be sent to the general fund to improve the stateโ€™s gambling infrastructure further.

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