Vermont has become the latest state to legalize sports betting within its borders.
On June 14, Republican Governor of Vermont Phil Scott signed a contract invoice To a law allowing the expansion of gambling.
“Vermont first proposed legalizing sports betting several years ago, and I’m glad the legislature reached an agreement as well,” Scott said in a statement. “We know many Vermonters are already participating in the market, and bringing it to the highest level provides important resources and consumer protection. Vermont now joins many other states that have taken this step, and I want to thank Commissioner Knight and her team, as well as members of the legislature, for their collaborative approach.” on this matter.”
The bill authorizes the Vermont Department of Liquor and Sweepstakes (dll) to operate and regulate sports betting. The division is tasked with negotiating and contracting with at least two but not more than six sportsbook operators to open sportsbooks in Vermont through a mobile platform.
If the bidding process fails to obtain at least two acceptable operators, the department may choose to either refuse to authorize any operator or allow one operator to open a sportsbook.
Bill requires dll To negotiate a revenue sharing agreement with the operators as part of the bidding process. The bill does not provide for a required minimum revenue share or set a maximum revenue share. The revenue sharing percentage is applied to each operator’s adjusted total revenue, equaling total revenue minus winnings paid to bettors, federal production taxes, and bets canceled.
The bill provides for a problem gambling program to be run by the Department of Mental Health to provide education, assistance, outreach, treatment and recovery services to people who have difficulty with addictive or problematic gambling.
Vermont raises the number of sports betting areas in the United States to more than thirty countries. North Carolina also recently legalized online sports gambling.
In the first quarter of 2023, Americans bet a record $31.11 billion on sports, according to American Gaming Association figures. About $2.8 billion of that number was kept by the sportsbooks in winnings.
