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Gov. Phil Scott Signs Vermont Online Sports Betting Bill Into Law

Gov. Phil Scott Signs Vermont Online Sports Betting Bill Into Law

  • Gov. Phil Scott (R) signed the state’s online sports betting bill into law this afternoon
  • The bill will allow up to six online sports betting operators in the Green Mountain State
  • It’s the second sports betting bill signed into law today

It’s official, Vermont. Gov. Phil Scott (R) signed a Vermont online sports betting bill into law today, allowing up to six online sports betting operators in the Green Mountain State.

It was the second sports betting bill to be signed into law today, as Governor Scott joined North Carolina Gov. Roy Cooper (D) in legalizing online sports betting in their respective states.

Vermont is now the second state, behind Tennessee, to only legalize online sports betting with no brick-and-mortar elements.

Online Sports Betting by January 2024

The Vermont sports betting bill, H.127, was sent to Gov. Scott in early May after receiving approval from the House of Representatives.

Scott, a longtime proponent of legalized sports betting, had indicated he would sign the bill after its approval.

“I first proposed Vermont legalize sports betting several years ago and I’m happy the Legislature has come to an agreement, as well. We know many Vermonters already participate in the marketplace and bringing it above board provides important resources and consumer protections. Vermont now joins many other states who have made this move, and I want to thank Commissioner Knight and her team, as well as members of the Legislature for their collaborative approach on this issue,” Scott said today after signing the bill into law.

During Senate discussions in May, Sen. Alison Clarkson (D) revealed online sports betting would likely launch in the Green Mountain state by January 2024.

Here is the proposed timeline for Vermont sports betting:

  • Department of Liquor and Lottery (DLL) creates rules and regulations for sports betting in May and June.
  • An RFP is published and posted for online sports betting license applications in July.
  • Online sports betting operators submit bids in August.
  • DLL evaluates and selects applications for online sports betting licenses in August and September.
  • Contracts are awarded in October and December.
  • Online sports betting launches in January 2024.

The state’s DLL will regulate sports betting and award licenses. Interested operators will have to go through a “competitive bidding process” to receive a license. Much like New York’s competitive bidding process, operators will have to submit bid packages to the department that include a proposed online sports betting tax rate they would be willing to pay to operate in the state.

The minimum allowable tax, or revenue share as its noted in the bill, is 20% in the state.

College Sports Betting Prohibitions

The bill allows for betting on college sports, but does place a prohibition on bets placed on in-state colleges and universities. Many states offer this prohibition, including neighboring Massachusetts and New York.

However, the DLL will allow bets on Vermont colleges or universities if the school is participating in a tournament, such as the annual March Madness tournament, even if the tournament is taking place in the state.

The minimum age to participate in sports betting in Vermont will be 21.

The post Gov. Phil Scott Signs Vermont Online Sports Betting Bill Into Law appeared first on Sports Betting Dime.

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