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Vermont governor Phil Scott signed H127, a law allowing up to six platforms in the Green Mountain State, becoming the third state this year to authorize sports betting. Every New England state has legalized gambling and when Maine and Vermont begin accepting bets, New Englanders will be able to wager from Connecticut to Maine.
When betting begins in Vermont, only online betting services will be available to residents of the state. A competitive bidding process will be used to pick the minimum of two and maximum of six platforms permitted under the new law. It’s probable that betting won’t start until 2024.
Scott was the second governor to enact sports betting legislation last week, as governor Roy Cooper of North Carolina added mobile betting to the state’s already-legalized retail betting.
With a population of around 647,000 as of July 2022, Vermont is the second-smallest state in the union and the third to only authorize digital betting, following Tennessee and Wyoming. Only Wyoming, with a population of around 581,000, is smaller.
On May 2, 2022, lawmakers in Maine made gambling legal, but the Gambling Control Unit is still developing regulations. The department head’s suspension last month as a result of comments that were judged “offensive” dragged down the process.
Regulations will start to be published by the Vermont Department of Liquor and Lottery, and the bid process for prospective operators will start. Additionally, the department will be in responsible of choosing the final revenue-share percentage. A revenue-share mechanism rather than a tax will be used, as is the case in many jurisdictions where gambling is managed by the lottery. The lottery could increase the minimum revenue share, which was set by lawmakers at 20%. Operators typically believe that a tax or revenue-share rate of 10% is ideal, but the majority of national operators are located in states with larger cuts, like New York, which levies an operator tax of 51%.
Vermonters should have more than one platform to pick from based on the text of the law, but depending on the lottery’s requirements and how the bid process is set up, they may only have access to two sportsbooks that consent to limited competition in exchange for a higher tax rate.
North Carolina joined the list of states that approved sports betting when Cooper signed the online sports betting bill. Online sports betting could begin as early as January 8, 2024. At a ceremony held at Charlotte’s Spectrum Center, Cooper signed HB 347. The bill permits retail and online betting on professional, collegiate, amateur, esports, and other events on Native American grounds. It also allows horse racing parimutuel betting. HB 347 was initially approved by the House in March by a vote of 64-45. The legislation permits up to 12 internet skins and 8 retail betting outlets in North Carolina. In two votes last week, the House approved the modified version.
The legislation specifies that the North Carolina Lottery Commission will be in charge of regulating North Carolina betting applications and online gambling, with a start date of January 8, 2024. If sports betting doesn’t start on January 8, 2024, sports betting in North Carolina must start by June 14, 2024.
