Sports and betting enthusiasts in Vermont can gear up for the exciting launch of online sports betting on Jan. 11, 2024.
Gov. Phil Scott (R) and Department of Liquor and Lottery Commissioner Wendy Knight announced this development, revealing that the Lottery Department has already approved a roster of online sports betting operators set to operate within the Green Mountain State. Notable names — including Fanatics Sportsbook, DraftKings, and FanDuel — have successfully navigated a rigorous screening and competitive bid process to secure their positions.
“We are excited to offer sports enthusiasts the ability to engage in sports wagering in Vermont with three of the industry’s top companies,” said Knight.
Scott has long been a leading advocate for the Vermont sports betting bill. He suggested that instead of residents having to travel to neighboring states for sports betting or engaging in illegal operations within the state, Vermont should embrace it. This approach aims to capitalize on the proven benefits of online sports betting, which has emerged as a significant revenue stream for many American states that have legalized it.
“I first proposed Vermont legalize sports wagering several years ago, and it’s good to see it come to fruition,” said Scott.
In Jun. of this year, Scott ultimately approved the legislation legalizing sports betting. The Department of Liquor and Lottery will oversee the screening of operators offering these services in the state, with each operator required to pay an operational fee. Additionally, online sports betting providers must contribute a percentage of their Adjusted Gross Sports Wagering Revenue to the state.
Looking ahead to the initiation of online sports betting in January, it is anticipated that the Green Mountain State will generate approximately 7 million dollars in sports betting revenue during the first year.
Vermont Sports Betting Bill Addresses Responsible Gambling
Encompassed within the recently enacted law, the bill includes a section specifically dedicated to the state’s responsible gambling services. This legislative measure incorporates provisions aimed at mitigating issues related to problem gambling, demonstrating a commitment to ensuring the well-being of Vermont gamblers through effective safeguards and comprehensive strategies.
Sports betting providers in the state are also required to submit an annual responsible gaming plan to the state, outlining details such as the display of materials addressing problem gambling, the provision of resources for bettors dealing with problem gambling concerns, house-imposed player limits, and the implementation of self-exclusion programs.
“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,” Governor Scott concluded.
Gaming enthusiasts within the state now have the opportunity to initiate pre-registration with contracted operators. This pre-registration phase kicked off on Dec. 12th, allowing approved online sports betting operators to commence advertising their diverse brands. This move aims to establish a significant customer base, as indications from the listed operators suggest that intense competition is expected within the industry. As a result, operators are actively vying for attention to attract and engage potential users in this competitive landscape.