Senate Bill 59 will have it’s third and final reading on Tuesday to approve of the committee when the full legislative body is in session. After, the bill will head over to the House for approval. However, one House member has already said it’s not a priority before June recess.
Right now, the goal is for Vermont to get the bill through before June 30. Passing the study bill looks more likely that this will happen due to the overwhelming approval the Senate is giving.
Senate Bill 59
Senate Bill 59 is the bill to get sports betting legalized in Vermont. Right now, they’re currently looking at setting up a committee to look into the sports betting industry. Although sports betting will most likely not be legal in 2020, Vermont is taking the right steps to legalize it down the road.
S. 59. believes that as of current participation rates in sports betting, the state could generate $1 million to $4.2 million in gaming revenue taxes. The state will appoint nine members to the Study Committee including the Attorney General, the Commissioner of Liquor and Lottery, the Commissioner of Taxes,
the Secretary of State, and other state members.
The Study Committee will study various models for legalizing, taxing, and regulating sports betting. They will do this by looking at studies carried out and laws enacted by other states around sports gaming.
Also, the Study Committee will look into potential models for legalizing and regulating sports betting. The models will include looking at the advantages and disadvantages of doing so. They will look into tax and fee structures surrounding sports betting, and restrictions and limitations on the types of sports that could be bet.
The Study Committee must submit their report by December 15, 2020, and the committee would be disbanded by December 30.
Sports Betting in Vermont
Like many states, The Green Mountain state sees sports betting revenue as a potential way to help recoup some of the losses due to the Coronavirus. Focusing on passing sports betting might not feel like the best thing when the world is facing a pandemic. However, Vermont would not legalize sports betting until at least 2021.
Last year, Vermont’s neighbor state New Hampshire passed a sports betting bill. Sen. Michael Sirotkin, the creator of Senate Bill 59, sees sports bettors going to Canada and neighboring states to place bets. Also, the ones that are betting in Vermont are doing it illegally, or through offshore accounts.
At one point, Sirotkin told Senators that sports betting revenue could add up to $14 million for the state. On Friday, the projections were reducing the number to $10 million. Senate Bill 59 states that sports betting will generate between $1 million and $4.2 million.
Regardless of the amount of revenue, sports betting in Vermont is starting its process of legalization. Like many states, the income will help cover losses from COVID-19. Also, it will keep revenue in the state instead of Vermonters going out of state to place their wages.
Many state legislators agree on legalizing sports betting in Vermont. Look for them to set up the Study Committee before June 30.