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Betting.net / News / Vermont greenlights sports betting, approves three major operators

Vermont greenlights sports betting, approves three major operators

Publish Date: January 13, 2024
Fact checked by: Jesse M Cox
Stock Photo, tags: vermont sports betting - upload.wikimedia.org

Stock Photo – upload.wikimedia.org

Vermont officially legalized sports betting on Thursday, January 11, at 12 a.m. ET after a four-year legislative process.

Out of six potential operators, the state will grant access to three betting apps: FanDuel, DraftKings and Fanatics Sportsbook.

While Vermont’s small population may not significantly impact the national sports betting scene, the three operators are extending their national reach.

“As a Boston-based company, we are thrilled for the opportunity to further expand in the New England region and provide Vermont with access to safe and legal sports betting,” DraftKings North America president Matt Kalish said in a press release.

DraftKings operates in 26 states, including neighboring New England states. FanDuel’s online sports betting product is available in 21 states. Their top competitor Fanatics Sportsbook is now live in 10 states, including Connecticut and Massachusetts.

As part of the agreement, the state will receive a share of sportsbook operators’ revenue and an initial operating fee. Vermont is set to receive 20 percent of adjusted gross revenue and $550,000. DraftKings and Fanatics will contribute 31 percent, while FanDuel will provide 33 percent of profits to the state.

The allocated funds will support various initiatives, including the Department of Health’s problem gambling fund, the digital services agency’s self-exclusion program, the Department of Liquor and Lottery and other state funds. The expected tax revenue goal for the first year of sports betting is $7 million.

Responsible betting in Vermont

Vermont provides an extensive range of sports betting options, covering popular professional sports and over 70 sports in total, including esports.

However, in-person or iGaming wagering is not allowed, with the lottery being the only other legalized form of gambling in Vermont. While betting on in-state teams is prohibited, wagering on NCAA teams outside Vermont is permitted, excluding high school sports and athletes under 18.

To engage in betting activities, Vermont residents must be 21 years of age or older. The state also provides responsible gaming and self-exclusion programs for those seeking to set betting limits or refrain from wagering.

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