The sports betting operation is one step closer to becoming a reality in Vermont. On Tuesday, Vermont’s Senate Finance Committee passed an amended legal initiative to the Senate floor for full consideration. Vermont is trying to pick up the pace as it has fallen behind its neighbors in the sports wagering department.
What Form of Sports Wagering Would Be Legalized in Vermont?
The Vermont Department of Liquor and Lottery would be responsible for event wagering under H.127, which would change Vermont’s status as the only New England state without legalized sports betting. The primary difference with some of the states in the industry is that Green Mountain State would only bring online sports wagering within its borders.
Massachusetts joined the mobile sports betting market hugely in March despite starting a few days after the month began. With the help of March Madness, the Bay State registered a monthly handle of over $500 million in just three weeks of legalized digital betting.
Tennessee was the first major market to introduce a mobile-only sports wagering market in the industry in 2019, and Wyoming followed suit just two years later. Vermont’s proposal will allow for a competitive bidding process within its borders.
With a high barrier of entry, a minimum of two sportsbook operators, and a maximum of six sportsbook operators, will be able to conduct business and accept wagers in the state. In order to better reflect the cost of regulating sports betting, the committee amended the bill’s fee structure.
A section of the amendment allows Vermont to collect taxes from non-residents on wagering winnings. A $550,000 allocation was made from the sports betting enterprise fund for startup costs to regulate wagering as part of the amendment. Renewal of the fee is possible over a three-year period.
Vermont is Also Taking Responsible Gaming Measures
Throughout this year’s legislative sessions throughout the sports betting industry, the primary focus of many states was limiting the number of sports betting ads that were put on television, radio, and other mediums.
Liquor and Lottery representative Wendy Knight said during Tuesday’s hearing that there was a discussion to prohibit excessive ads on sports betting such as a pop-up on these types of platforms. She reiterated that her department has taken the necessary measures to keep the sports betting operation as safe as possible.
Many sports betting markets throughout the industry have spoken about moving away from the black market and keeping the money in the state. It requires bookmakers to turn over at least 20 percent of adjusted receipts from sports betting to Vermont. In addition, operators will have to pay an annual fee.
Furthermore, the Department of Liquor and Lottery will mandate these sportsbook operators to work with the department to ensure the safety of sports betting. The primary goal is to limit unwanted advertisements and limit aimed advertisements for those under the age of 21.