Sports Betting Weekly Recap: Steer Clear of Labeling Gambling as Risk-Free
In a significant leap for the Green Mountain State, **sports betting in Vermont is now legal, regulated, and operational as a mobile-only market**. Here's a detailed look at this development:
**Legalization and Launch**
The green light for sports betting in Vermont was given in 2023 with the passing of bill HB 127. This legislation allows up to six mobile sportsbook operators, with restrictions such as prohibiting advertising on college campuses and banning bets on US politics and college sports involving Vermont teams. The bill was signed into law by Governor Phil Scott in mid-2023, and betting officially launched in January 2024, with top operators DraftKings and FanDuel beginning to accept bets on January 11, 2024[1][3].
**Regulation**
The Vermont Department of Liquor and Lottery (DLL) oversees sports betting operations and handles contracts with sportsbook operators[1].
**Restrictions**
Mobile sportsbooks cannot accept wagers on US political events or college sports with in-state teams. Advertising is heavily restricted to avoid marketing to minors, with a complete ban on promotional activities on school/college grounds[1].
**Market Size and Revenue**
Initial projections of revenue were exceeded, with the first six months bringing in about $3.5 million instead of the anticipated $1.2 million, indicating a strong market start[3].
**Available Sportsbooks**
Several major sportsbooks operate in Vermont, featuring competitive welcome bonuses, with DraftKings and FanDuel being prominent[5].
**Gambling Environment**
Vermont does not have land-based casinos or online casino games beyond sports betting. Horse racing betting is allowed, but the state lacks racetracks. Other forms of gambling like daily fantasy sports, state lottery, charity bingo, and sweepstakes are legal, but online casino gaming is not planned for expansion soon[3].
Meanwhile, other states are also making strides in the sports betting landscape. In Virginia, Betfred, a sportsbook founded in the UK in 1967, is entering a crowded market where operators combined for betting handle of $503.1 million in December. PENN Entertainment's interactive segment achieved profitability during the last three months of 2022, and Betfred's sportsbook has already been operational in several states including Colorado, Arizona, and Maryland.
In Massachusetts, the Massachusetts Gaming Commission (MGC) has unanimously approved four additional rules for sports betting, focusing on equipment and testing laboratories. The launch of three retail sportsbooks in Massachusetts was deemed successful with no issues, and MGC will turn its attention to launching the 11 initially approved digital sports betting platforms in early March.
Elsewhere, Georgia senators have filed a bill to legalize sports betting without a constitutional amendment, and it is now legal to bet on the Boston Celtics in Massachusetts. In New York, discussions are underway regarding taxes in relation to sports betting, with DraftKings and FanDuel executives pleading for lower taxes, and the governor of New York hopes to use casino taxes for public transportation.
As the sports betting landscape continues to evolve, it's clear that more states are embracing this new form of entertainment, each with its unique regulations and market dynamics.
- The favorite sports betting operators in Vermont, DraftKings and FanDuel, started accepting wagers on January 11, 2024, following the legalization of sports betting in the state in 2023.
- The Vermont Department of Liquor and Lottery (DLL) regulates sports betting operations and handles contracts with sportsbook operators.
- In the sports betting market, Vermont allows bets on a variety of sports, but restricts wagers on US political events and college sports involving Vermont teams.
- Taking a risk on sports events just got easier for sports enthusiasts in Vermont, as the mobile-only sports betting market has shown promising revenue figures since its launch in January 2024.
- Sports betting enthusiasts in Vermont can create parlay bets with a variety of betting options, but be aware of the spread and the potential risk involved in these types of wagers.
