Online sports betting will get underway in Vermont by early next year after Gov. Phil Scott signed HB 127 into law.
The Vermont House and Senate approved the bill in May, and Scott gave it his seal of approval at an official ceremony on Wednesday.
“I first proposed Vermont legalize sports betting several years ago and I’m happy the legislature has come to an agreement as well,” said Scott. “We know many Vermonters already participate in the marketplace [at unlicensed offshore sportsbooks] and bringing it above board provides important resources and consumer protections.
“Vermont now joins many other states who have made this move, and I want to thank Commissioner [Wendy] Knight and her team, as well as members of the legislature for their collaborative approach on this issue.”
Connecticut, Massachusetts, New Hampshire and Rhode Island have already legalized sports betting, so Maine is now the only outlier in New England.
The Vermont Department of Liquor and Lottery will oversee the Green Mountain State’s legal sports betting industry.
The bill paves the way for up to six online sportsbooks to launch in the state, and the first apps are expected to go live in January 2024.
Operators will be required to pay a 20% revenue tax, which should generate a minimum of $2 million for the state in 2024.
Forecasts from the Vermont Legislative Joint Fiscal Office anticipate annual tax revenue of $10 million by 2026 from the sports betting industry.
