Vermont Sports Betting Bill Update
At the moment, sports betting is not available in Vermont but it could soon change. However, this is not from lack of trying from Vermonters as several attempts have been made to legalize it. In our Vermont Sports Betting Bill Update, we go over the latest Senate vote in their latest attempt.
According to the latest gambling news, their may be good news on the horizon for sports betting fans in Vermont. This is because Wednesday, the Vermont Senate just had the second reading preliminary vote to approve House Bill 127. By the end of the session, they gave their approval for the bill that would legalize online sports betting.
Even though HB 127 got the approval of three committee, it still has a long way to go before. First, it will go for a third Senate reading today. Afterwards, if it does get the final official approval by Senators, it will then go to the House of Representatives. If all goes well, the bill would then be sent to Gov. Phil Scott whom experts believe will sign it.
However, even if does become law, Vermonters will not be able to starting betting on sports right away. This is because b according to the Bill timetable, it will not happen before January of 2024. Therefore, bookies looking to open a sportsbook, will have to wait to start their online gambling operations.
Vermont Sports Betting Bill Update – What to Expect from HB 127
Vermont is the only state left in the Northeast region that does not have legal online sports betting. Needless to say, many state representatives and Senators have concerns as they see gambling revenue go to other states. However, Vermont is now one step closer to having legal online sports betting.
According to Senator Alison Clarkson, there are several goals that they want HB 127 to achieve. One of them includes capturing “lost revenue which would otherwise go to other state.” In addition, it would also move “sports wagering from dangerous illicit market to a safe and regulated market.” Last but not least, it would reserve half a million dollar a year to fund treatment programs for gambling addicts.
For those thinking about investing into an online sportsbook in Vermont they first need to know a few things. The first is that the licensing fee would be $500,000 for the first year. Afterwards, they should expect too pay at least 20% in taxes on their gross gaming revenues. However, the actual tax rate will be a negotiation between the sportsbook and the Department of Liquor and Lottery.
Thus, opening an online sportsbook in Vermont will not be a cheap endeavor. Especially if you take into consideration the cost of a sports betting software, employees and infrastructure.
According to the Vermont Joint Fiscal office, Vermont will earn $2 million in sports betting taxes in 2024. Or at least, they will if HB 127 becomes law. Furthermore, they project to earn between $4.6 to $10.6 million in revenue in 2025.