It appears as though the state of Vermont will be the next to join the family of jurisdictions that currently allows for legal sports betting. Vermont’s House Bill H127 passed the Vermont House on Tuesday morning after an amended Senate bill was sent over to the governing body.
Now it is in the hands of Gov. Phil Scott to sign the bill into law and make Vermont the 38th state in the nation to welcome a legal sports betting platform - the second this year behind Kentucky. By all accounts, Scott is expected to sign the Bill into law sometime this week - he has five days under the law to do so.
With Vermont on board, all of the New England States are now part of the legal sports betting fray and will have access to the best live betting sites.
What is bill H127?
Bill H127 is poised to make Vermont just the third state in America with an online-only legal sports betting platform. Just like in Tennessee and Wyoming, there will be no retail sports betting outlets, at least for now. It was originally introduced in January but went through a number of drafts before finally settling on one that the Green Mountain State Senate and House could agree on.
The minimum age to place a bet in Vermont will be 21 and the state's Department of Liquor and Lottery will be in charge of regulation.
HB127 will see up to six of the best sports betting sites launch in the state. Lucky licensees will be expected to pay a $550,000 initial fee for the chance to operate in Vermont. After three years, those same books will be expected to pay a $110,000 renewal fee annually.
There is a 20% minimum revenue sharing rate that will come along with the licenses and some bets on college sports, with the exception of in-state colleges and universities, will be permitted under the bill. Vermont college programs playing in tournaments like March Madness will be permitted to be bet on.
What we can expect from Vermont legal sports betting
Vermont certainly isn’t expected to become a Heavyweight betting stat, but their joining the legal sports betting family completes the list of New England states that allow for such a practice. Currently Vermont is the 49th largest state in terms of population with about 650,000 residents.
There are no pro sports teams that call Vermont home and a middling college sports culture in the state.
That said, licensing fees and taxes from sports betting are expected to generate some revenue for state and local coffers. In 2024, up to $2 million in tax contributions has been projected by the Joint Fiscal Office, with that number jumping to about $4.6 million in 2025 and $10 million in 2026.
When could we see Vermont sports betting apps go live?
There is still some work to do for the Department of Liquor and Lottery before Vermont citizens will have a chance to place a legal sports wager at one of the best sports betting apps. First up is a signature from the Governor, which should come this week.
Next comes the application process and the vetting for hopeful operators. It is unclear as to how many applicants will be chasing the two to six licenses available. Deadline for submitting applications is August and tentatively, the awarding of the licenses will come in October or November.
It all leads to a probable launch date of January 2024 for the Green Mountain State. Of course, there is a possibility of an earlier commencement - the start of the NFL season is always a goal of any new sports betting jurisdiction in the country.