Sports Betting Bill in Vermont Passes First Committee
Vermont Montpelier
Vermont’s newly passed first stage of the Sports Betting Bill raises some issues in the house. The House Committee on Government Operations and Military Affairs voted 9-3 in favour of the bill, allowing for up to 6 online sports betting operators in the state. The first stage has passed, but there are licensee requirements, revenue-sharing agreements and protections for existing gambling arrangements.
It’s a big step forward for the State of Vermont as the House Committee on Government Operations and Military Affairs has voted to pass a bill to legalise sports betting (H. 127) in the state with a 9-3 vote. As more states move towards legalising sports betting, this bill is an important step forward in granting Vermonters access to regulated and safe sports betting options.
What the Bill Would Do
- 127 is set to allow up to six online sports betting operators in Vermont, each paying $500,000 for a license. It also requires that operators enter into revenue-sharing agreements with the state at a rate of 50% based on estimates. Additionally, the bill requires that 5% of annual tax revenue be directed to the problem gambling fund, with minimums of $250K for FY24 and $500K for each following year.
The legal age for sports betting in Vermont would be 21, whereas fantasy sports would remain at 18. The age limits align with other states that have legalised sports betting, such as New Jersey, Nevada, and Pennsylvania.
Protections for Offshore & Illegal Websites
During the committee’s discussion of H. 127, it was made clear that protections for those already gambling on offshore or illegal websites were a priority. This includes introducing measures to ensure responsible marketing when advertising legal and regulated sports betting in Vermont is followed.
H.127 also ensures operators offer the same types of bets as those found on offshore websites and illegal bookmakers so that people can do their betting safely and responsibly.
The passing of H. 127 by the House Committee on Government Operations and Military Affairs is a big step forward for the state of Vermont. With careful consideration given to licensee requirements, revenue-sharing agreements, and protections for existing gambling arrangements, the state is well on its way to providing a safe and regulated environment for sports betting. The agreement to H.127 is a significant development in the move towards legalised sports betting in Vermont.
