Find out what you need to know about sports betting in Vermont as our pay per head blog has the latest in betting in the Green Mountain state. Sports betting in Vermont goes live January 12, Thursday, a mere seven months after Governor Phil Scott signed the bill into law.
The implementation of sports betting in the state has a faster pace than other states. But the process of passing the actual bill took around four years. In its final iteration, the law allows for up to six online sportsbook operators in the state. Five operators applied, but only three have approval from the state.
To make it easy for bettors, pre-registration was available ahead of the launch date yesterday. And when you manage a sports betting business, accessibility and usability is important in gaining a loyal customer base. For residents of Vermont, they have access to the sportsbooks from any where in the state. This is because they only allow online wagering.
Gambling and Sports Betting in Vermont
Prior to allowing sports betting, the lottery is the sole form of gambling in the state. Vermont has no retail casinos, no online casinos, nor do they have retail sportsbooks. Some might even say that it is quite the miracle that sports betting is now legal in the state.
Much like what you can find in your sportsbook pay per head software, sportsbooks in Vermont will be able to offer a wide variety of betting options. Residents can bet on popular professional sports like the NFL, NBA, NHL, MLB and more. They can even bet on eSports. As for college sports betting, NCAA teams not in Vermont are allowed, with in-state team betting being restricted. But people can bet on local teams if it is a postseason tournament, like that of March Madness.
Sportsbooks in the state will turn over 20% of their adjusted gross revenue (AGR) as tax, and pay an initial fee of $550,000. However, bidding allows for changes in the tax rate, with sportsbooks turning over as high as 33% of their AGR to the state. The state plan to collect as much as $7 million in tax revenue in the first full year of operations in Vermont.