New Year Brings Online Sports Betting in Vermont
Posted on: December 13, 2023, 11:16h.
Last updated on: December 13, 2023, 11:16h.
Legal online sports betting is set to launch in Vermont on Jan. 11, 2024. Governor Phil Scott (R) and the Department of Liquor and Lottery Commissioner Wendy Knight officially selected the January 11 date for placing bets.
The Green Mountain State will become the 38th state to offer online sports wagering. Scott signed the sports betting bill into law in June.
Vermonters and visitors alike will soon be able to access a regulated sports wagering marketplace, which will come with important consumer protections and generate revenue for the state,” said Scott.
Commissioner Knight believes the state can earn up to $7 million in revenue in the first year of operations.
Knight says the plan was to launch the framework in time for the NFL season. But it’s now expected to be up and running for the Super Bowl, which is the most bet-on game of the year.
Mobile Platforms Selected in Vermont
DraftKings, FanDuel, and Fanatics were selected to operate mobile wagering platforms in Vermont. The sports betting law signed by the governor allowed for up to six online sportsbook wagering licenses to be issued to qualified operators.
Commissioner Knight says it’s possible the state could add more operators in the future. Healthy wagering is another topic of focus as January 11 draws near.
Responsible gaming was something that was very important to the administration and the legislature, so we build in safeguards to protect players from the health risks or financial risks from excessive betting,” said Knight.
The sports betting law doesn’t allow physical betting sites in Vermont and credit cards cannot be used for betting purposes.
The operators will pay the department $550K in fees, plus a percentage of the adjusted gross sports wagering revenue.
First Things First
Players can now preregister their accounts. Those placing bets must be over 21 and have the ability to deposit funds using a debit card or personal bank account.
Five sportsbooks were considered during the bid process, and the three chosen selected a six-year term with extensions if both parties agree to continue.
Officials believe Vermont will attract other sports wagering operators because of the number of vacation homeowners in the state and a strong tourism market. Supporting more sportsbooks could be tougher, however, as the state has a population of roughly 650K, placing Vermont as number 49 of the 50 states in terms of population ranking.
Sports betting is already legal in nearby states, including Maine, Connecticut, Massachusetts, and New Hampshire.
Source: casino.org
