Governor Phil Scott announced today that the launch date for Vermont sports wagering will be January 11, 2024.
Vermont will only offer online sports betting, joining Tennessee and Wyoming as the only states to offer online sports betting while simultaneously prohibiting in-person sports betting.
FanDuel, DraftKings, and Fanatics Win Vermont Licenses
The Vermont Department of Liquor and Lottery (DLL) has chosen FanDuel, DraftKings, and Fanatics to offer mobile sports wagering in the state. Pre-registration for accounts with all three of these operators is now available.
FanDuel, DraftKings, and Fanatics will each pay a $550,000 license fee for three years. A renewal fee will be issued after three years, depending on the number of operators.
In addition, the state will receive a percentage of each operator’s adjusted gross sports wagering revenue. The DLL will negotiate a revenue-sharing agreement between its licensed operators. While the minimum allowable share rate is 20%, the final rate was not disclosed in the press release.
Vermont Revenue Projections
Per the press release, the new sports betting market is expected to bring in up to seven million dollars in revenue in its first full year of operation.
In May, the Joint Fiscal Office released estimates that revealed they were estimating $2 million in tax revenue in 2024, between $4.6 million and $10.6 million in 2025, and a steady $10 million each year following. However, these numbers are contingent upon the agreed-upon revenue share agreement.
“Vermonters and visitors alike will soon be able to access a regulated sports wagering marketplace, which will come with important consumer protections and generate revenue for the State,” Scott said in a statement.
Vermont Sports Betting Available For Super Bowl, March Madness
Vermont is launching sports betting precisely one month before Super Bowl XVIII on Feb. 11, which bodes well from a revenue standpoint. It will also be available for the NCAA March Madness tournament, which begins on March 19.
While Vermont is not home to any professional sports teams, the University of Vermont Men’s Basketball team is looking to make its third consecutive NCAA March Madness tournament, which makes the launch timing especially lucrative.