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Vermont Legislature Paves Way for Legal Sports Betting

Perry Sandra

Updated as of May 10, 2023 at 4:45 PM EDT • Read time: 2 minutes and 20 seconds. Find more information on Twitter and Google News.

Tyler Kolek of the Marquette Golden Eagles shoots as we look at our Michigan State vs. Marquette prediction
Tyler Kolek of the Marquette Golden Eagles shoots the ball against the Vermont Catamounts during the NCAA Men’s Basketball Tournament at Nationwide Arena in Columbus, Ohio. Photo by Dylan Buell/Getty Images via AFP.

Vermont is on track to become the next jurisdiction to legalize sports betting, as the state’s House Bill H127 was passed by the Vermont House on Tuesday morning. The bill, originally from the Senate, was amended before being sent to the governing body.

It is now up to Gov. Phil Scott to officially approve the bill and establish Vermont as the 38th state in the country to legalize a sports betting platform, following in the footsteps of Kentucky earlier this year. It is widely anticipated that Scott will sign the bill within the next week, as he is required to do so within five days according to the law.

Now that Vermont has joined, all New England states are officially part of the legal sports betting industry and will be able to utilize top live betting websites.

What is bill H127?

Bill H127 is set to establish Vermont as the third state in the US to have an online-only legal sports betting platform. Similar to Tennessee and Wyoming, there will not be any physical sports betting locations, at least for the time being. The bill was first introduced in January and underwent multiple revisions before reaching a version that both the Vermont Senate and House could approve.

In Vermont, individuals must be at least 21 years old to place a bet, with regulation overseen by the state’s Department of Liquor and Lottery.

Under HB127, Vermont will allow up to six top sports betting sites to operate in the state. License holders will need to pay a $550,000 initial fee, with an annual renewal fee of $110,000 after three years.

The licenses will include a minimum revenue sharing rate of 20%, and the bill allows for betting on college sports with the exception of in-state colleges and universities. Vermont college teams participating in tournaments such as March Madness will be eligible for betting.

What we can expect from Vermont legal sports betting

While Vermont may not be a major player in the sports betting world, their recent legalization of the practice means that all New England states now allow it. Despite being the 49th largest state in terms of population, with around 650,000 residents, Vermont is now part of the legal sports betting family.

Vermont does not have any professional sports teams and has a average college sports presence.

Nevertheless, it is anticipated that licensing fees and taxes from sports betting will provide a source of income for state and local governments. The Joint Fiscal Office has projected tax contributions of up to $2 million in 2024, increasing to approximately $4.6 million in 2025 and $10 million in 2026.

When could we see Vermont sports betting apps go live?

The Department of Liquor and Lottery in Vermont still has some tasks to complete before residents can legally place sports wagers on top betting apps. The first step is obtaining the Governor’s signature, which is expected to happen this week.

Following the application process is the vetting of potential operators. The number of applicants vying for the two to six licenses remains unknown. The deadline for submitting applications is in August, with the licenses expected to be awarded tentatively in October or November.

The likely launch date for the Green Mountain State is January 2024, with a chance of starting earlier to coincide with the beginning of the NFL season, a key target for any new sports betting jurisdiction.

Written By:
Perry Sandra
Perry Sandra and betting go hand-in-hand. Both are characterized by “odds”. Dave fancies himself as one of the most dedicated sports and pop-culture junkies around, to the chagrin of his family and friends. Following sports for 50 years and writing about it for 20, Dave hasn’t found a sport yet that can’t contribute to 2-3 straight hours of couch time. That search remains ongoing. As a good old Canadian boy, hockey is in Dave’s heart, as is curling sadly. But evolution is a real thing and that’s why football, baseball, and just about every sport on the planet has become a passion. Dave isn’t afraid to kill some time obsessing over politics or the far-too-frequent awards shows the consume the airwaves.