Vermont is set to launch online sports betting on January 11, marking the culmination of a process initiated by Governor Phil Scott’s signing of the sports betting law in June, of last year. The legislation, aimed at creating a regulated sports wagering marketplace, includes consumer protections and measures to address gambling-related issues. It mandates daily and weekly wagering limits, prohibits the use of credit cards, and allocates an additional $250,000 annually for a program administered by the state Department of Mental Health.
The Chosen Ones
DraftKings, FanDuel, and Fanatics Sportsbook are the mobile platforms set to operate in Vermont. A pre-registration period is underway, allowing users to set up accounts before the official launch date. The sportsbooks are expected to offer promotions to new users, including deposit matches and no-sweat first bets, each with its own set of restrictions. The three operators have secured a six-year contract with the state, with DraftKings and Fanatics Sportsbook committing to a 31% revenue share, while FanDuel will contribute 33%.
However, BetMGM and Penn Sports Interactive (ESPN BET) had their proposals rejected. Penn Sports Interactive’s application was incomplete, while BetMGM’s proposed fluctuating revenue-sharing plan based on the number of authorized sportsbook operators was deemed unacceptable.
The state anticipates generating up to $7 million in revenue from sports betting in 2024.
Not So Convenient
Despite the launch of online sports betting, Vermont residents will still need to travel out of state or use offshore sportsbooks for certain sports, as horse race betting remains prohibited. With this move, Vermont joins the majority of states providing regulated online sports betting, leaving only 12 states without such provisions or pending legislation.
Vermont okays sports betting and literally every ad in my feed is for sports betting 🙄
— Steve Hill (@OnomatoSteveUh) December 13, 2023
As of November, five states—California, Alaska, Alabama, Utah, and Idaho—still have illegal sports betting without legislation. Several other states, including Texas, Georgia, South Carolina, Missouri, Oklahoma, and Hawaii, have introduced but not passed legislation. Vermont’s entry into legal online sports betting removes it from the list of states without such provisions, signaling the end of a prolonged process.
