During his weekly briefing Wednesday, Vermont Governor Phil Scott and officials from his administration explained the rules for the state’s upcoming start of legalized online sports betting.
The Vermont Legislature passed and the Governor signed in June Act 63which allows and sets rules for online sports betting. The state plans to launch the wagering on January 11th. Republican Governor Phil Scott said he had long supported such a move.
“In 2018 the U.S. Supreme Court struck down the federal ban that was in place,” Scott said. “ I first proposed legalizing sports wagering in 2019 and the legislature finally agreed this year and I signed it into law. We know many Vermonters already have been involved in sports betting for quite a few years. We also know every one of our neighboring states has already legalized. By legalizing it and bringing it above board not only does it allow the state to gain revenue but it also allows us to put consumer protections in place and support addiction prevention initiatives.”
Department of Liquor and Lottery Commissioner Wendy Knight explained that the law only authorizes mobile sports wagering through phone apps.
“It’s not offered at this point in retail locations or through Vermont Lottery agents,” Knight said. “Beginning today [Dec. 13] players will be able to download the apps from DraftKings and FanDuels to set up their accounts, learn about sports betting in Vermont, responsible gaming and be ready to wager when we go live January 11th, 2024. Fanatics Sportsbook will launch shortly thereafter. Essentially through these contracted arrangements we are allowing these companies to operate their mobile sports platforms in Vermont under our specific rules and regulations. In exchange for that privilege we earn a percentage of their revenue and they pay us an operator fee.”
Knight says the department has worked to create a number of safeguards to assure responsible gaming.
“This includes limiting this to people 21 years and older; not permitting the use of credit cards; not allowing wagers on Vermont collegiate sports unless they are in a tournament; not permitting betting on sports whose participants are primarily under the age of 18; and not describing bets as free bets unless they are in fact free,” Knight explained. “These safeguards are in addition to the established responsible gaming programs that operators have across the country that include player limits, time outs and responsible gaming resources.”
There are two revenue sources for Vermont from the sports wagering contracts. The first is operator fees. The state will also receive a monthly percentage of revenues. Vermont expects to earn about $7 million during the first year of operations and $16 to $18 million within five years.
