Vermont’s Senate has approved online sports betting legislation by voice vote during the bill’s second reading on Wednesday of this week.
After receiving approval from three committees, HB 127 went to the Senate floor and will head for a third reading today when it is expected to be given final official approval by Senators. The bill will then go to the House of Representatives where it may be amended further.
HB 127 highlights
- The Department of Liquor and Lottery (DLL) to regulate the sports betting industry and negotiate with potential operators
- DLL to choose between 2 to 6 online sports betting operators
- Initial license fee of $550,000 for minimum of three years
- Betting on in-state college teams prohibited
- Terms such as ‘risk-free’ banned
- No betting with credit cards
- Minimum age of 21 for online sports betting
While no senators opposed the bill, some amendments were required to secure approval from the Senate. These included:
- Changes to fee structure
- No cap on advertising
- Banning ads on college campuses
- No marketing to under 21s
- Advertising plan submitted with each application
All changes were adopted without objection.
During the bill’s reading, Senate Majority Leader Alison Clarkson cited GeoComply data that showed that 16,000 people in Vermont tried to access online sports betting in neighboring states during the past six months.
“Vermonters legally betting in New York state or Massachusetts means lost revenue to Vermont. And regulating sports wagering in Vermont keeps that revenue stream here where it is needed.”
According to the Vermont Legislative Joint Fiscal Office, the industry could generate revenue of $10.6 million for the first full year which is expected to be FY25.
The House is expected to pass the bill with no major objections while Vermont Gov. Phil Scott has already included Vermont sports betting revenue in his executive budget.
Once signed into law, Vermont sports betting could launch in January of 2024.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.