The Vermont Senate has recently approved a bill that would allow online sports betting in the state. The bill, which was passed with a vote of 23-6, is set to launch in 2024. This move comes after a number of other states have already legalized sports betting, including neighboring New Hampshire.
The bill will allow for online sports betting through licensed operators, who will be required to pay a tax on their revenue. The tax rate has not yet been determined, but it is expected to be in line with other states that have legalized sports betting.
Supporters of the bill argue that it will bring in much-needed revenue for the state, as well as provide a safe and regulated environment for sports betting. They also point to the fact that many Vermont residents already participate in illegal sports betting, and that legalizing it will help to curb this activity.
Opponents of the bill, however, argue that it will lead to an increase in problem gambling and addiction. They also point to the fact that sports betting is often associated with organized crime and corruption.
Despite these concerns, many states have already legalized sports betting and have seen positive results. In New Jersey, for example, sports betting has brought in over $1 billion in revenue since it was legalized in 2018.
Overall, the legalization of online sports betting in Vermont is likely to have both positive and negative effects. While it will bring in revenue for the state and provide a regulated environment for sports betting, it may also lead to an increase in problem gambling and addiction. As with any new legislation, it will be important to monitor the effects of the bill over time and make adjustments as necessary.
