The Vermont House of Representatives has given its approval to a Senate-amended bill that paves the way for the legalization of online sports betting in the state. The bill, which now awaits Governor Phil Scott’s signature, aims to provide access to up to six online sportsbooks in the state starting from January 1, 2024.
Governor Scott has expressed his support for sports betting and indicated his willingness to sign the bill once it reaches his desk. The law is expected to address the issue of Vermont residents crossing state borders to place bets legally, resulting in a revenue loss for the state.
Scott will have five days (excluding Sunday) from when he receives the bill to act on it, with him expected to sign it into law. Vermont would become the second state this year behind Kentucky to legalize wagering.
Phil Scott
The Department of Liquor and Lottery in Vermont will begin working with up to six online sportsbooks to ensure a smooth setup before the new year. Wendy Knight, the commissioner of the department, emphasized that legalizing sports betting will not only capture additional revenue from sports bets but also boost local businesses as individuals who engage in betting are likely to spend on dining and retail.
Furthermore, officials hope that the legalization of sports betting will eliminate illegal offshore gambling activities among Vermont residents. The state authorities have expressed concerns about the risks of gambling addiction and have plans to allocate a portion of the generated revenue to programs dedicated to helping individuals with gambling problems. The Department of Mental Health will oversee an integrated problem gambling program encompassing all types of gambling and gaming.
While some experts believe that the launch date of January 1, 2024, may not align perfectly with major sporting events like the college football and NFL seasons, it does offer the opportunity for betting on the Super Bowl and March Madness.
If Governor Scott signs the bill into law, Vermont will join the ranks of 37 other states and DC that have legalized sports betting. The legislation, known as H 127, focuses exclusively on digital sports betting platforms, with no provision for brick-and-mortar sportsbooks. It also includes strict advertising and marketing guidelines to protect individuals under the legal wagering age of 21.
The bill’s approval would make Vermont the third state, following Tennessee and Wyoming, to legalize only digital wagering. Additionally, it would become the final New England state to legalize sports betting, with the majority of states in the region already having live, legal betting options available, and Maine working on launching its own program.
The inclusion of stringent regulations and consumer protections in the bill follows the example set by Massachusetts, with specific measures having been taken to prevent sports betting advertising on products aimed primarily at minors.
Vermont lawmakers have also established a sliding scale for licensing fees and implemented a revenue-sharing model between operators and the state. Under this model, operators will contribute a minimum revenue share of 20%, with the Department of Liquor and Lottery having the ability to negotiate higher percentages during the bidding process.
Original article: https://www.yogonet.com/international/news/2023/05/10/67099-vermont-house-passes-bill-to-legalize-online-sports-betting-governor-39s-signature-expected
