Vermont online sports betting goes live today
Today, Thursday, January 11, 2024, online sports betting officially begins in Vermont.
Vermont was the last state in New England to allow such gambling. Since retail sports betting has not yet been approved, sports betting will be launched online only. As of Thursday, January 11, the Green Mountain State became the 38th state to offer online sports betting.
The second-least populous state is opening up online sports betting through three major sportsbooks, including DraftKings, Fanatics and FanDuel. The state still has three open licenses.
The Vermont Department of Liquor and Lottery (VDLL) is the regulatory agency for sports betting in Vermont.
“We reviewed the proposals based on evaluation criteria,” said VDLL Commissioner Wendy Knight.“The Legislature intends to prioritize protecting Vermonters from problem gambling, transitioning the illegal market to a legal market, and then maximizing state revenue.”
All operators are taxed at 20% on their income, and Commissioner Knight is looking for sites that generate $7 million in revenue in their first year of operation.
NFL Super Bowl is a major motivation
Vermont legalized sports betting this summer, with Gov. Phil Scott signing the law in June. Scott said he hopes to launch it in time for Super Bowl 58 on Sunday, February 11.
The game is taking place in Las Vegas, and the introduction of online sports betting will prevent bettors from leaving Vermont and traveling to surrounding states, including Maine, Connecticut, Massachusetts and New Hampshire, where sports betting is already legal.
The highest-grossing game of the year is also part of discussions for California’s new sports betting initiative in 2024.
Huge sports betting revenue is expected to be generated in 2027 and 2028, as Santa Clara and Los Angeles will host the Super Bowl in those two years.
In December, NFL owners awarded the 2028 Super Bowl to Los Angeles and SoFi Stadium. While sports betting was not part of the decision, it is now part of the discussion as the debate between proponents and opponents of sports betting in California grows more acrimonious.
A long road and a long opportunity
Petition signatures are currently being collected for California's new gambling initiative, subject to approval by the California Secretary of State.
The effort focuses on two sports betting plans that require 874,741 valid signatures to qualify for the November ballot. Both ballot initiatives would pave the way for tribal organizations in California to gain exclusive rights to offer sports betting online and at brick-and-mortar locations.
California voters have rejected similar initiatives before, and the state's largest tribal casino operator is opposing the current effort.
California and Texas are the two most populous states in the United States and also offer the highest returns for sports bettors. Sports betting remains illegal in those two states, as well as Idaho, Minnesota, Missouri, Alabama, Georgia, South Carolina, Oklahoma, Alaska and Hawaii.
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Source: www.casino.org
