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Vermonters will have the opportunity to wager online on their preferred sports teams and athletes in the upcoming year. The state’s official debut of online sports betting is scheduled on January 11. The final state in New England to approve the practice is Vermont. The administration of Governor Phil Scott chose three businesses earlier this month to run online sports betting sites. These businesses are FanDuel, Fanatics Sportsbooks, and DraftKings. Scott and representatives from his administration laid out the guidelines for the state’s impending launch of legally-operated online sports betting during his weekly briefing. Act 63, which permits and establishes regulations for online sports betting, was approved by the Vermont Legislature and signed by the governor in June. The state intends to begin accepting bets on January 11.
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“In 2018 the U.S. Supreme Court struck down the federal ban that was in place,” Scott said. “I first proposed legalizing sports wagering in 2019 and the legislature finally agreed this year and I signed it into law. We know many Vermonters already have been involved in sports betting for quite a few years. We also know every one of our neighboring states has already legalized. By legalizing it and bringing it above board not only does it allow the state to gain revenue but it also allows us to put consumer protections in place and support addiction prevention initiatives.”
Department of Liquor and Lottery Commissioner Wendy Knight said that the current law only allows for mobile sports wagering through phone apps. “It’s not offered at this point in retail locations or through Vermont Lottery agents,” Knight said. “Beginning today [Dec. 13] players will be able to download the apps from DraftKings and FanDuels to set up their accounts, learn about sports betting in Vermont, responsible gaming and be ready to wager when we go live January 11th, 2024. Fanatics Sportsbook will launch shortly thereafter. Essentially through these contracted arrangements we are allowing these companies to operate their mobile sports platforms in Vermont under our specific rules and regulations. In exchange for that privilege we earn a percentage of their revenue and they pay us an operator fee.”
Knight went on to say that there are safeguards in place to ensure responsible gambling. “This includes limiting this to people 21 years and older; not permitting the use of credit cards; not allowing wagers on Vermont collegiate sports unless they are in a tournament; not permitting betting on sports whose participants are primarily under the age of 18; and not describing bets as free bets unless they are in fact free,” Knight said, “These safeguards are in addition to the established responsible gaming programs that operators have across the country that include player limits, time outs and responsible gaming resources.”
The sports betting contracts provide Vermont with two streams of income. Operator costs come first. Additionally, a portion of monthly profits will be given to the state. In its first year of operation, Vermont hopes to make roughly $7 million, and in five years, it hopes to make between $16 and $18 million.
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