Vermont sports betting will become legal, with the first apps likely taking bets by January 2024.
Gov. Phil Scott will sign the VT sports betting bill recently passed by the General Assembly, his press secretary, Jason Maulucci, told LSR.
Maulucci indicated that will happen as soon as Scott receives the bill, likely by the end of this week.
Betting up and down I-95
Vermont will be the 38th state to legalize sports betting, completing a block of legal betting states that spans the entire Northeast and then some. The next closest state geographically without a betting law is South Carolina and the only other state along I-95 without one is Georgia.
Vermont, the second-smallest state by population, will allow between two and six online sportsbooks, though lawmakers say they would be lucky to get three. Without any major professional sports teams or casinos, in-person betting will not be a part of Vermont’s market, much like it is not a part of Tennessee.
Fiscal projections and fees
Operators will enter revenue-sharing agreements with the Department of Liquor and Lottery, the market regulator. They will fork over at least 20% of revenue, though the DLL could negotiate a higher rate.
Each license costs an initial $500,000 fee, which may be raised after at least three years into the market.
That is expected to generate $2 million in taxes in 2024 and at least $10 million annually by 2026, according to the state Legislative Joint Fiscal Office.
Vermont sports betting launch timeline
Following a trend with recent states to legalize, Vermont’s bill lays out a timeline for when sports betting must go live:
- July: DLL issues requests for proposals to potential operators
- August: Operators bid for licenses
- September: DLL evaluates and selects bids
- October-December: DLL negotiates and executes contracts
- January 2024: First apps go live
