Vermont joins growing list of states legalizing online sports betting
Governor Phil Scott signed the Online Sports Betting bill into law in June, ushering in a new era in Vermont history. With the bill’s passage, Vermont joins the list of over 35 states in the United States that have legalized sports betting in their state. The new regulation is part of a bigger scheme to monitor and adequately control Vermonters’ gaming habits.
Passage and signature of the new bill
Residents of Vermont are recognized for their fondness of gambling and, up until now, have had to rely on offshore online gambling platforms to access online sportsbooks and online casinos accepting American players. Governor Scott first proposed the idea of legalizing sports betting in the state several years ago upon recognizing this issue. However, it took a considerable amount of time for the matter to be thoroughly discussed and approved in the state legislature. Considering the controversial nature of legalizing sports betting, the delay in reaching a decision is not surprising. Despite several attempts in recent years to pass a suitable bill, all such efforts have been unsuccessful.
The year 2023 is the long-awaited turning point. The Vermont House of Representatives and Senate have passed a bill legalizing online sports betting, which has been eagerly anticipated. On the same day as North Carolina’s Democrat Governor, Roy Cooper, Vermont’s Republican Governor, Phil Scott, signed the online wagering bill into law. According to Scott, the new law will assist regulate existing gambling activities, safeguard gamblers, and generate critical resources for the state.
How will Vermonters benefit from the new law?
Vermont, with the second-smallest population in the country, trailing only Wyoming, may not experience a significant impact on the already sizable industry by legalizing online sportsbooks. This move represents a noteworthy advancement for both Vermont and its residents.
Vermonters will now have the opportunity to access legal sports betting platforms. The newly enacted law mandates the Vermont Department of Liquor and Lottery to permit up to six sports betting providers to oversee all online sports betting activities.
The legislation also directs the agency, in partnership with the Agency of Mental Health, to actively gather data on gambling within the state. This collaboration will result in a comprehensive annual report on the problem gambling concerns specific to Vermont. These reports will undergo evaluation by the state legislature. The law imposes additional obligations on licensed sports betting establishments to ensure the well-being of gamblers in Vermont. These operators are required to submit responsible gaming strategies on an annual basis. These strategies must outline measures such as the display of problem gambling resources, self-exclusion programs, player limits imposed by the establishment, and available assistance for individuals with gambling-related issues.
What the law means for Vermont
Vermont has become the latest addition to the group of 37 states and Washington, D.C. that have legalized sports betting, specifically for online betting. Among these states, 33 already have operational sports betting platforms. However, four states, including Vermont, North Carolina, Kentucky, and Maine, are still in the process of fully launching their programs. Notably, Vermont is one of only two states that exclusively permit online sports betting.
Tennessee was the first state to operate an online-only sports betting market in 2020. In Tennessee, there are already a dozen mobile sports betting applications in business. Vermont intends to begin betting operations in January 2024, which means that it is still technically unlawful for residents to wager on online sports betting sites. However, after the official inauguration, betting activities are anticipated to remain popular among Vermont residents.
Betting activities, according to Governor Scott, will assist generate revenue and strengthen the state’s economy. The state anticipates that the legal bookmarkers will generate approximately $10 million in the first year, following which they will pay a $2 million tax. In comparison, New York’s online sports betting activities generate around the same amount in a week. Only 12 states have yet to legalize gambling, despite the fact that the number of people who already engage in online gambling activities in these states is still high. The most populous states that have yet to allow gambling are California and Texas. Florida is likewise densely populated, but the state is still considering whether to ride the gambling law wave.
Final word
Governor Phil Scott of Vermont has been a strong advocate for the legalization of online sports betting for a while. Luckily, this proposal has now become a reality in the state. Vermont, known as the Green Mountain State, has initially allowed for the operation of two to six legal online sports betting companies, which is a positive beginning. However, due to the state’s relatively small population, it is unlikely that the number of permitted operators will increase in the near future.