Vermont has become the latest state to legalize sports betting within its borders.
On June 14, Vermont Governor Phil Scott, a Republican, signed a I count into law to authorize the expansion of gambling.
“I first proposed that Vermont legalize sports betting several years ago, and I’m happy that the legislature has also reached an agreement,” Scott said in a statement. “We know that many Vermonters are already participating in the market, and taking it over the edge provides important resources and consumer protection. Vermont now joins many other states in making this move, and I want to thank Commissioner Knight and his team, as well as members of the Legislature, for their collaborative approach on this issue.”
The bill empowers the Vermont Department of Liquor and Lottery (dll) to manage and regulate sports betting. The Department is responsible for negotiating and contracting at least two but no more than six sports betting operators to open sports betting in Vermont through a mobile platform.
If the bidding process fails to result in at least two acceptable operators, the Department may choose to refuse to license any operator or allow an individual operator to open a bookmaker.
The bill requires the dll negotiate a revenue sharing agreement with operators as part of the bidding process. The bill does not establish a required minimum revenue share nor does it establish a maximum revenue share. The revenue share percentage is applied to the adjusted gross revenue for each operator, which is equal to gross revenue minus winnings paid to punters, federal excise taxes, and voided bets.
The bill establishes a problem gambling program administered by the Department of Mental Health to provide education, counseling, outreach, treatment and recovery services to individuals who struggle with addictive or problem gambling.
Vermont brings the number of sports betting jurisdictions in the United States 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 data from the American Gaming Association. About $2.8 billion of that figure was withheld from sports betting in the form of winnings.