Legalized online sports betting is set to roll out in Vermont on January 11, 2024, marking the 38th state to offer online sports wagering. The announcement was made by Governor Phil Scott and Department of Liquor and Lottery Commissioner Wendy Knight, who officially selected the January 11 date for placing bets.
The new sports betting marketplace in Vermont aims to provide important consumer protections and generate revenue for the state. Governor Scott expressed his enthusiasm, stating, “Vermonters and visitors alike will soon be able to access a regulated sports wagering marketplace.” Commissioner Knight believes that the state can earn up to $7 million in revenue in the first year of operations.
Three major platforms – DraftKings, FanDuel, and Fanatics – were selected to operate mobile wagering platforms in Vermont. The sports betting law signed by the governor allows for up to six online sportsbook wagering licenses to be issued to qualified operators.
However, responsible gaming is a top priority, as the state seeks to protect players from the health and financial risks associated with excessive betting. The law prohibits physical betting sites in Vermont and the use of credit cards for betting purposes. Additionally, operators are required to pay the department $550,000 in fees plus a percentage of the adjusted gross sports wagering revenue.
Players are now able to preregister their accounts and must be over 21 years old to place bets. They can deposit funds using a debit card or personal bank account. The selected operators have signed a six-year term with extensions if both parties agree to continue.
Despite being one of the least populous states in the country, officials believe that Vermont will attract more sports wagering operators due to its high number of vacation homeowners and a strong tourism market. However, the relatively small population size may pose a challenge in attracting multiple sportsbooks to the state.
Neighboring states, including Maine, Connecticut, Massachusetts, and New Hampshire, have already legalized sports betting, further increasing the competitive landscape. Nonetheless, Vermont is gearing up for the launch of its legal sports betting market, which is expected to coincide with the Super Bowl, the most bet-on game of the year.