Vermont Passes Sports Betting Bill
Vermont Montpelier
Vermont may be the second smallest state in the US by population, but it will be the 38th state set to legalise sports betting as the bill now passed by the states General Assembly makes its way to Governor Phil Scott for his signature.
The Governor has already indicated he will sign the bill and let residents in the northeast state totalling 650,000 legally place sports bets online.
Given that there are no professional sports teams or casinos based in the state all bets will be online and mobile only.
Lawmakers are expecting to offer between two and maximum of six license, but it is thought the state given its size would do very well to get three licenses approved.
Now Vermont has joined the sports betting business it completes all northeast states and the closest state now with no sports betting to Vermont is South Carolina.
Successful license holders will pay a $500,000 fee valid for three years on which time depending on the success of the activity may rise on renewal. The tax rate for sports betting operators will be set at 20% of GGR.
It is estimated that state taxes and license income will generate $2 million in 2024 and projected to be $10 million annually by 2026.
The process on regulations and guidelines for operators is now being drawn up and sport betting on mobiles will be live by January 2024.
