Vermont Makes First Big Step in Sports Betting

HB 127 is a bill that would bring legalized sports betting to Vermont. Last week, it passed through the state’s House of Representatives. The legislation went directly to a vote without discussion on the floor.  The passage marks the first time a sports betting bill in Vermont has passed out of either chamber. A similar bill in the Senate, SB 105, works through various committees.

The state’s legislative session concludes on May 19. The bill was a long time coming. A lot of work went into this over a few years, and the pols were finally pleased to move the legislation. Elected officials believe the Senate to thoughtfully consider his bill, noting that, historically, the Senate has been more supportive of legalized sports betting than the House.

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Should HB 127 become law, the state’s Department of Liquor and Lottery would regulate sports wagering. A minimum of two and a maximum of six mobile sportsbooks would be granted licenses via a competitive bidding process. However, the bill includes language that could allow for just one mobile betting operator should not enough qualified applicants emerge during the competitive bidding process. The Department of Liquor and Lottery would enter into negotiated revenue-sharing agreements with operators.  Licenses would cost $275,000, and money generated from sports wagering would go to the state’s General Fund. At least $250,000 would be sent yearly to the Responsible Gaming Special Fund.

Wagering on professional and college sports would be allowed, although bettors would not be allowed to bet on in-state college teams unless they competed in a tournament. It’s an unusual college wagering rule that matches Massachusetts’ system. The bill does not include any in-person retail wagering.

Vermont’s neighboring states, Massachusetts, New Hampshire, and New York, all offer mobile sports betting. Every New England state other than Vermont has legal wagering, although Maine has yet to launch its sports betting market. Massachusetts’ mobile market went live earlier this month, before the start of March Madness. There are half a dozen online sports betting platforms currently available in Massachusetts.

New Hampshire’s mobile sports betting market includes just one operator, DraftKings, while New York customers can access nine mobile sportsbooks.

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