Vermont Governor Signs Sports Betting LawAt Least Two Online Sportsbooks To be Authorized |
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Vermont has become the latest state to legalize sports betting within its borders.
On June 14, Vermont Gov. Phil Scott, a Republican, signed a bill into law to authorize the gambling expansion.
“I first proposed Vermont legalize sports betting several years ago, and I’m happy the Legislature has come to an agreement, as well,” Scott said in a statement. “We know many Vermonters already participate in the marketplace, and bringing it above board provides important resources and consumer protections. Vermont now joins many other states who have made this move, and I want to thank Commissioner Knight and her team, as well as members of the Legislature, for their collaborative approach on this issue.”
The bill authorizes the Vermont Department of Liquor and Lottery (DLL) to operate and regulate sports wagering. The Department is tasked with negotiating and contracting with at least two but not more than six sportsbook operators to open sportsbooks in Vermont through a mobile platform.
If the bidding process fails to result in at least two acceptable operators, the Department may opt to either decline to authorize any operators or to allow a single operator to open a sportsbook.
The bill requires the DLL to negotiate a revenue share agreement with operators as part of the bidding process. The bill does not stipulate a minimum required revenue share or establish a maximum revenue share. The revenue share percentage is applied to adjusted gross revenue for each operator, equal to gross revenue minus winnings paid to wagerers, federal excise taxes, and voided bets.
The bill establishes a problem gambling program administered by the Department of Mental Health to provide education, assistance, awareness, treatment, and recovery services to people experiencing difficulty with addictive or problematic gambling.
Vermont brings the number of sports betting jurisdictions in the U.S. to more than three dozen. North Carolina also recently legalized online sports gambling.
In the first quarter of 2023, Americans wagered a record $31.11 billion on sports, according to figures from the American Gaming Association. About $2.8 billion of that figure was retained by sportsbooks in the form of winnings.
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