Vermont is set to join the growing list of states that have legalized online sports betting. The state legislature recently passed a bill that will allow for online sports betting to be offered by licensed operators. This move is part of a larger trend across the United States, as more and more states are legalizing sports betting in response to the Supreme Court’s decision to strike down a federal ban on the practice in 2018.
One of the main reasons why states are legalizing online sports betting is the potential revenue that it can generate. According to a report from Eilers & Krejcik Gaming, the sports betting market in the United States could be worth as much as $15.8 billion by 2025. This represents a significant opportunity for states to generate tax revenue and create jobs in the industry.
In Vermont, the bill that was passed by the legislature will allow for online sports betting to be offered by licensed operators. The state will collect a tax of 10% on all sports betting revenue, which is expected to generate millions of dollars in annual revenue for the state.
One of the key provisions of the bill is that it will require operators to use geolocation technology to ensure that bets are only placed within the state’s borders. This is an important safeguard to prevent illegal gambling and ensure that all bets are placed in a safe and secure environment.
Another important aspect of the bill is that it will allow for responsible gambling measures to be put in place. This includes self-exclusion programs, which allow individuals to voluntarily exclude themselves from participating in online sports betting. The bill also requires operators to provide resources and support for individuals who may be struggling with problem gambling.
Overall, the legalization of online sports betting in Vermont is a positive development for both the state and its residents. It will provide a new source of revenue for the state, while also creating jobs in the industry. At the same time, it will ensure that all sports betting is conducted in a safe and responsible manner, with appropriate safeguards in place to protect individuals who may be at risk of developing gambling problems.
