- Official Launch of Online Sports Betting in Vermont on January 11th.
- DraftKings, FanDuel, and Fanatics Sportsbook Selected to Operate in the State.
- Expected Additional Revenue of $7.0 Million in the First Year of Legalization.
Vermont Governor Phil Scott, along with Department of Liquor and Lottery Commissioner Wendy Knight, have announced that online sports betting will become legal in the Green Mountain State starting January 11th. From this date, players in Vermont will be able to download apps from licensed operators and place legal bets online. Furthermore, consumers will have the opportunity to pre-register with the operators ahead of next month’s launch.
This new phase has been made possible following Scott’s signing of House Bill 127 in June of this year. The law authorizes a maximum of six online sports betting houses to operate in Vermont.
Selection Process and Taxation of Bets
Through a competitive bidding process, the Vermont Department of Liquor and Lottery has selected DraftKings, FanDuel, and Fanatics Sportsbook to manage mobile sports betting platforms in the state. The operators will contribute a tax of 20% on the adjusted gross revenue from sports betting. It is expected that betting will generate additional revenue of approximately $7.0 million for Vermont in the first year of legalization.
Additionally, the bill provides more resources to improve responsible gaming services in the state. Players must be at least 21 years old to place legal bets.
Phil Scott, a long-time advocate of legal sports betting, expressed his satisfaction with the realization of this initiative. “I proposed the legalization of sports betting in Vermont several years ago. It’s rewarding to see it come to fruition,” he commented. “Soon, both Vermont residents and visitors will have access to a regulated sports betting market, which will offer important consumer protections and generate revenue for the state.”
Commissioner Knight added: “We are excited to offer sports enthusiasts the opportunity to engage in sports betting in Vermont with three of the industry’s leading companies.”
