Vermont Governor Phil Scott signed online sports betting legislation into law on Wednesday. House Bill 127 (HB 127) got plenty of support from lawmakers and the governor has been a long-time sports betting advocate. The plan is for online sportsbooks to go live next year, with a potential January launch in the cards. Vermont will get up to six online sportsbooks, but retail sportsbooks are not permitted.
The Vermont Department of Liquor and Lottery (DLL) will begin accepting license applications from sportsbook operators over the next couple of months. It plans to select winning bids in September and negotiate the subsequent contracts before the end of 2023. DLL Commissioner Wendy Knight wants sportsbooks to be up and running for NFL playoffs.
HB 127 proposes a rate of at least 20%
One of the key topics that will be up for discussion is the tax rate that operators will pay on revenue. HB 127 proposes a rate of at least 20%, which could generate at least $10m per year by 2026.
Another aspect of the legislation will see the DLL work alongside the Department of Mental Health to carry out a study looking at problem gambling, which will be an annual undertaking. ??