Vermont’s Senate Approves Online Sports Betting Bill
LISTEN TO THIS ARTICLE:The state of Vermont has moved closer to legalizing online sports betting after its Senate approved the bill by voice vote during its second reading yesterday.
The legislation, HB 127, went to the Senate floor after getting the go-ahead from three committees and will have its third reading today. The bill is expected to receive final official approval from the Senators, after which it will head to the House of Representatives, where it may be further amended.
The bill, when implemented, will see the Department of Liquor and Lottery (DLL) become the official regulator of the sports betting industry. It confers power on the DLL to negotiate with bookmakers and license two to six betting operators in the state.
Other terms of the bill include an initial license fee of $550,000 for a minimum of three years, no betting with credit cards, and a minimum age of 21 to have an online betting account.
The bill prohibits wagering on in-state college teams and bans ads on college campuses. Some changes were made and unopposed to get approval from the Senate, like no marketing to those under 21s and no cap on advertising.
The House is expected to pass the bill without major objections. It will also face no executive hassles as Governor Phil Scott has already included the state sports betting revenue in his executive budget. Once signed into law, the market could go live in January 2024.
The Vermont Legislative Joint Fiscal Office has estimated that the online and mobile sports betting industry could generate revenue of $10.6 million for the first full year.
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