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Vermont Governor legalizes online sports betting bill

Vermont gambling news

Vermont Governor Phil Scott has officially signed a bill legalizing sports betting in the state, making it the third American state this year to take such a step. With the governor’s signature, Vermont joins a growing list of states across the country embracing the expanding industry of sports wagering.

This move marks a significant development for the Green Mountain State and sets the stage for a new form of entertainment and potential economic growth. Under the newly enacted law, Vermonters will have the opportunity to engage in sports betting exclusively through top online betting sites.

The legislation allows for a minimum of two and a maximum of six platforms, which will be chosen through a competitive bidding process. While the exact timeline for the launch of sports betting in Vermont is yet to be determined, it is anticipated that it will not commence until 2024.

Governor Scott’s signing of the bill reflects the growing acceptance of sports betting across the New England region. With this milestone, every state in New England has now legalized sports betting, paving the way for individuals to wager on sports events from Connecticut to Maine once both Maine and Vermont fully implement their betting operations.

The decision to limit sports betting to digital platforms is a unique approach taken by Vermont, making it only the third state, alongside Tennessee and Wyoming, to embrace digital wagering exclusively. Despite its relatively small population, Vermont is making a significant move in the industry, positioning itself alongside larger states in terms of technological advancements and market potential.

The next steps in the process involve the Vermont Department of Liquor and Lottery establishing regulations and initiating the bidding process for potential operators. Additionally, the department will be responsible for determining the final revenue-share rate.

Rather than implementing a traditional tax system, Vermont, like many other states with lottery-run wagering, will utilize a revenue-share model. While the minimum revenue share has been set at 20%, the department has the flexibility to adjust this figure accordingly.

The revenue-share rate will play a crucial role in attracting operators to the market and ensuring its sustainability. While a tax or revenue-share rate of 10% is often preferred by operators, it remains to be seen what rate Vermont will ultimately adopt.

Several states, such as New York, impose higher tax rates on operators, reaching as high as 51%. Other states like Arkansas, Delaware, New Hampshire, and Rhode Island also have tax or revenue-share models exceeding 50%. However, the impact of such rates on market participation varies, with some operators opting out of certain states due to the higher taxes.

Vermont’s law provides an opportunity for multiple platforms to operate, giving Vermonters a range of options. However, the final outcome will depend on the preferences of the lottery and the design of the bidding process. It remains possible that only a limited number of sportsbooks will participate, accepting higher tax rates in exchange for reduced competition.

The legalization of sports betting in Vermont brings forth new possibilities for residents, offering an engaging and regulated platform for sports enthusiasts and potentially generating significant revenue for the state. As the Department of Liquor and Lottery begins the regulatory process and operators prepare to enter the market, Vermonters can look forward to a future where they can enjoy the thrill of sports betting from the comfort of their digital devices.

In the coming years, the landscape of sports betting in Vermont is expected to evolve, shaping a new era of entertainment and economic opportunity for the state and its residents. With careful planning, responsible regulation, and effective partnerships, Vermont aims to build a thriving sports betting industry that aligns with the interests of its citizens and contributes to the overall growth of the state’s economy.

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