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It’s Official: Legal Sports Betting Launches in Vermont

Davis Isabela

Updated as of January 12, 2024 at 11:47 AM EST, this article is a 2 minute and 18 second read. Find more information on Twitter and Google News.

Matt Veretto of the Vermont Catamounts celebrates a 3-point basket against the Marquette Golden Eagles during the first half in the first-round game of the NCAA Men's Basketball Tournament as we look at the launch of Vermont legal sports betting.
Matt Veretto of the Vermont Catamounts celebrates a 3-point basket against the Marquette Golden Eagles during the first half in the first-round game of the NCAA Men’s Basketball Tournament. Photo by Dylan Buell/Getty Images/AFP.

The first day of a legal sports betting platform in Vermont has come to a close, with the top sportsbooks in the state launching smoothly at 12:01 a.m. ET on Thursday.

At that time, Vermont joined the ranks of the 37 other states in the U.S. that had already implemented their own legal sports betting platforms, becoming the 38th state to do so.

After years of discussion, Vermont’s legal sports betting launch on Thursday, which features top sports betting apps, is the result of six months of dedicated effort from state regulators following the signing of a sports betting Bill into law by Gov. Phil Scott in June.

After midnight, three Vermont sports betting sites – FanDuel, DraftKings, and Fanatics – were quickly bustling with activity as bets started pouring in the moment the wagering window opened in the Green Mountain State.

What we are hearing

Vermont sports bettors, required to be 21 years or older according to state law, wasted no time placing bets on the newly launched sports betting platform. The three Vermont sports betting apps saw a flurry of wagers shortly after midnight on Thursday, marking the official activation of the state’s platform.

DraftKings placed a $12.50 bonus bet on the Houston Texans to win the AFC as its first wager. FanDuel accepted a $10 moneyline parlay wager on the Kansas City Chiefs and Texans as its first action. Fanatics’ first bet in Vermont was a $10 wager on Cleveland Cavaliers guard Max Strus to make over 2.5 three-pointers in a game against the Brooklyn Nets.

According to Vermont’s Department of Liquor and Lottery Commissioner Wendy Knight, the initial 12 hours of Vermont sportsbooks’ operation were very active. Approximately 7,000 accounts were opened during this time, with an average of $15,000 being spent per hour across the three providers in the state.

Good start

Vermont regulators aim to bring in $7 million in tax revenue in the inaugural year of legalized sports betting in the state. Each operator will be required to contribute 20% of their adjusted gross revenue to the state on a monthly basis.

Regulators are off to a strong start as wagering activity was lively and there were no significant issues with sign-up and betting processes on participating sites in Vermont. As the industry continues to expand and develop, there are high hopes for its future success.

The legal sports betting industry in Vermont offers a wide range of opportunities for residents to wager on various sports. In addition to popular North American leagues like the NFL, MLB, NHL, NBA, and MLS, the state also includes more unique options such as World Chase Tag, Major League Fishing, and the Drone Racing League.

About that growth

The Vermont legal sports betting industry is projected to expand in the coming months, with provisions made for up to six sportsbooks to operate. Currently, three licenses remain to be awarded by lawmakers.

ESPN BET and BetMGM are expected to be included as two major players in the national sports betting industry. Both companies have applied for a license with the Vermont Lottery, but did not meet all of the necessary regulatory requirements to be approved in the first round of licenses. However, it is likely that both ESPN BET and BetMGM will continue to pursue a license for a Vermont sports betting app and will soon be a part of the state’s sports wagering market.

Up until now, three rival sportsbooks will be competing for a small market share in Vermont. Each of them provides attractive sign-up bonuses and promotional offers specifically designed for Vermont customers, offering a distinct betting experience for bettors in the state.

Written By:
Davis Isabela
Davis Isabela is the Editor-in-Chief of Underscoreg Review. He has been a writer, reporter and editor for more than 20 years, and his work has appeared in more than 200 publications across North America. His first book, “100 Greatest Canadian Sports Moments”, was a hardcover best-seller in Canada in 2008. He has written more than 50 sportsbook reviews and dozens of other sportsbook-related content articles. James has also been quoted as a sports betting expert in USA Today and Sports Illustrated.