Legal sports betting is officially live in Vermont as of midnight on Thursday, roughly six months after Gov. Phil Scott signed H.127 into law on June,14 of last year.
Through a competitive bidding process over the last six months, Vermont’s Department of Liquor and Lottery (DLL) selected DraftKings Sportsbook, Fanatics Sportsbook, and FanDuel Sportsbook as the state’s mobile wagering operators. Prospective sports bettors over the age of 21 can now place legal online sports wagers with any or all of these Vermont sportsbooks.
Launch One Month Before Super Bowl 58
Exactly one month from Thursday is Super Bowl 58. So, Vermonters will be able to bet on the NFL Playoffs and the Super Bowl, which bodes well for the state from a revenue perspective. Individuals will also be available to wager on the NCAA March Madness tournament, which tips off on March 19.
Historically, states that have launched right before the climax of the NFL season have had a lot of success. Ohio and New York are recent examples of this.
Vermont Revenue Projections
The state stands to benefit significantly from the rollout of sports betting, albeit home to a small population.
Per the DLL’s press release, “The State anticipates receiving up to $7M in new revenue during the first full year of operations from online sportsbook operation and between $15M-$18M annually as the Vermont market matures.”
Fanatics, DraftKings, and FanDuel were all subject to a $550,000 licensing fee to join the state, and the state will also receive a percentage of gross sports wagering revenue from each operator.
Notable Vermont Sports Betting Rules
Those looking to bet on college sports on the new platforms will be able to do so, but not on Vermont college teams. So, users will not be able to place wagers on University of Vermont sports teams during the regular season. However, there is an exception.
While patrons in the state cannot wager on regular season games, postseason tournaments are eligible for wagering. So, if the University of Vermont Men’s Basketball team qualifies for the March Madness tournament this year, Vermonters could wager on their games, assuming the sportsbooks provide odds on them. The Catamounts are looking to make their third-straight March Madness appearance this year.
All users looking to sports bet in the state must be 21 or older.