The latest state to join the ever-growing market of legalized sports betting is Vermont, with plans for its newly licensed sportsbooks to launch on January 11, 2024. This development makes Vermont the 38th state to legalize online sports betting, a move that was ‘long overdue’ according to Governor Phil Scott.
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The Journey to Legalization
Vermont’s journey toward legalizing sports wagering began several years ago when Governor Phil Scott first proposed the idea. After years of deliberation and legislative processes, the governor finally signed the bill into law in June 2023. The law’s enactment was followed by a competitive bidding process, which saw three industry giants – DraftKings, FanDuel, and Fanatics Sportsbook – emerge victorious.
Which Vermont Sportsbooks Will Launch on Jan 11?
DraftKings, FanDuel, and Fanatics Sportsbook were chosen through an intense competitive bid process, which considered various factors like experience, market presence, and consumer protection measures. These operators are now tasked with running mobile sports wagering platforms, making sports betting more accessible to Vermonters and visitors alike.
Expectations and Predictions
The introduction of online sports wagering in Vermont is expected to generate significant revenue for the state. The operators will pay an initial fee of $550,000, along with a percentage of their adjusted gross sports wagering revenue. In the first year of operations, the state is predicted to earn up to $7 million in revenue. As the market expands and matures, these earnings could rise to a staggering $18 million after five years3.
How Vermont Sports Betting Will Work
Vermont’s online sports betting landscape will be exclusively digital, with no physical sportsbooks in the initial phase. This move aligns with the current global trend of digital transformation and makes betting more convenient. Despite the law allowing for up to six online sportsbooks, only three were selected in the initial phase. However, the state hasn’t ruled out the possibility of adding more operators in the future.
Age Restrictions and Betting Options
To participate in online sports wagering in Vermont, bettors must be 21 years or older. A wide range of betting options will be available, with a few restrictions. Wagers on events involving Vermont colleges are prohibited unless the institution is participating in a national tournament like March Madness. Betting on high school games or events involving predominantly underage participants is also off-limits.
Funding and Payment Options
Bettors in Vermont have various options to fund their sportsbook accounts, including debit cards and electronic fund transfers. However, the use of credit cards for funding accounts or wagering is strictly prohibited.
Revenue Distribution
The revenue generated from online sports betting will be put to good use. At least 20% of the operators’ revenue, along with the initial operator fee, will go to the state. The operator fees will cover the cost of administering and overseeing legal sports betting, while the shared revenue will flow into Vermont’s General Fund.
Responsible Gaming
Promoting responsible gaming is of utmost importance to the administration. Safeguards are in place to protect players from health and financial risks that may arise from excessive betting. Moreover, $250,000 has been earmarked for the Department of Mental Health to set up a problem gambling program.
The Future of Sports Betting in Vermont
The future of online sports betting in Vermont looks promising. With the industry giants DraftKings, FanDuel, and Fanatics Sportsbook operating in the state, bettors can expect a high-quality, regulated sports wagering experience. The predicted revenue figures also indicate a vibrant market with massive growth potential.
The launch of online sports betting in Vermont is certainly an exciting development. Not only does it provide an additional revenue stream for the state, but it also offers sports enthusiasts a legal and regulated platform to place wagers. As the market matures and more operators potentially join the fray, Vermont’s online sports betting landscape could become a model for other states to emulate.
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Bethany has been working in online gambling for over 13 years. She got her start in the industry as her first job after graduating from the Professional Writing Program at York University. Having written for many online gaming publications and worked with top casino operators, she has unique insight into the gambling market. Bethany maintains a personal interest in iGaming as she continues to play poker online as a hobby.