It s safe to say that if the Senate votes in favor of a House-approved bill, Gov. Phil Scott (R) will have no hesitation in signing the bill into law.
As the Vermont Senate waits to discuss an already House-approved document to legalize online sports betting in the Green Mountain State, representatives for Gov. Scott say he believes he ll receive the opportunity to sign the legislation into law this year.
If approved, Vermont will become only the second state in the country to legalize online sports betting with no brick-and-mortar opportunities.
Gov. Scott Waiting For Years to Sign Bill
Jason Maulucci, Press Secretary for Gov. Scott, told Sports Betting Dime today that Scott hopes to finally bring Vermont sports betting above board and provide consumers the protections they need through a regulated market.
The governor continues to believe that Vermont should join the vast majority of states and legalize sports betting. We know that Vermonters are already participating in the market, and without bringing it above board, there is very little consumer protection in place. The governor has proposed legalization for more than three years, and is grateful it appears the legislature will finally act this year, Maulucci said.
Scott may soon have the opportunity to sign the bill into law, as Vermont is inching closer to legalizing online sports betting after a Senate committee an online sports betting bill last week.
The Vermont Senate Finance Committee approved , a online sports betting bill that will authorize at a minimum two online sports betting licenses and a maximum of six licenses for the Green Mountain State.
Rep. Matthew Birong’s (D-3) bill was introduced in January about two months after a study committee recommended Vermont legalize sports betting in the 2023 legislative session. The bill was by a voice vote in the House of Representatives in late March.
Each online sports betting license will carry a fee of $550,000 for no less than three years. The bill originally proposed an annual license fee of $275,000 for a license, but was amended in late April.
Regulated by Dept. of Liquor and Lottery
The state’s Department of Liquor and Lottery will regulate sports betting and award licenses. Interested operators will have to go through a “competitive bidding process” to receive a license. Much like New York’s competitive bidding process, operators will have to submit bid packages to the department that include a proposed online sports betting tax rate they would be willing to pay to operate in the state.
The minimum allowable tax, or revenue share as its noted in the bill, is 20% in the state.
Other mandated information in a bid package is an estimate of the applicant’s potential gross sports wagering revenue, the number of individually-branded websites the operator proposes for sports betting operations, a responsible gaming plan, and a plan for maximizing sustainable, long-term revenue for the state through a detailed market analysis.
Collegiate sports betting will be allowed in the bill, unless it includes an event in which a participant is a college team or institution that is located in Vermont.
Financial Estimates for Vermont Sports Betting
The Vermont Legislative Joint Fiscal Office published fiscal estimates for legalized online sports betting. The department estimates Vermont could see approximately $1.3 million to $2 million in revenue for FY 2024 and between $4.6 million and $10.6 million in revenue for FY 2025.
If negotiated revenue shares are 20%, the JFO estimates sports wagering revenue at $1.31 million in FY 2024 and $4.58 million in FY 2025. Assuming a 50% revenue share, the department estimates the state will receive $2 million in sports betting revenue for FY 2024 and $10.64 million in FY 2025.
