On October 7, 2020, Vermont Governor Phil Scott signed a bill into law that allows for online sports betting in the state. This move makes Vermont the latest state to legalize sports betting, joining a growing number of states across the country.
The bill, which was passed by the Vermont legislature earlier this year, allows for online sports betting through licensed operators. The Vermont Lottery will oversee the industry and issue licenses to operators who meet certain requirements.
Under the new law, bettors will be able to place wagers on a variety of sports, including professional and college football, basketball, baseball, hockey, and more. The law also allows for in-game betting, which means that bettors can place bets during a game as it unfolds.
One of the key provisions of the law is that it requires operators to use geolocation technology to ensure that bets are only placed within the state of Vermont. This is important because it helps prevent people from outside the state from placing bets and helps ensure that the industry remains within the state’s borders.
Another important provision of the law is that it requires operators to have safeguards in place to prevent problem gambling. This includes offering resources and support for individuals who may be struggling with gambling addiction.
The legalization of online sports betting in Vermont is expected to generate significant revenue for the state. According to some estimates, the industry could generate as much as $6 million in annual revenue for the state.
In addition to generating revenue for the state, the legalization of sports betting is also expected to create jobs and boost economic activity. Operators will need to hire staff to manage their operations, and there will be increased demand for services such as marketing and advertising.
Overall, the legalization of online sports betting in Vermont is a significant development for the state. It provides a new source of revenue and economic activity, while also giving residents a new way to enjoy their favorite sports. As with any new industry, there will be challenges and issues to address, but the state is well-positioned to manage these challenges and ensure that the industry operates in a safe and responsible manner.
