Vermont on Track to Launch Legal Sports Betting in January

The state of Vermont looks poised to be the next legal sports betting jurisdiction to launch in the growing U.S. scene, and it'll be home to many of the best sports betting apps. 

“I first proposed Vermont legalize sports wagering several years ago, and it’s good to see it come to fruition,” said Gov. Phil Scott in a statement. “Vermonters and visitors alike will soon be able to access a regulated sports wagering marketplace, which will come with important consumer protections and generate revenue for the state.”

While no official date has been given for Vermont sports betting apps to go live, signs are pointing to the start of 2024 as the jumping-off point for legal sports wagering in the state. Three providers that supply betting sites have already been named to populate the Vermont sports betting scene, with regulators looking at as many as three more to fill out the state’s legal sports betting family.

“We are still on track to launch online sports wagering in Vermont in January 2024,” Wendy Knight, the commissioner of the Vermont Department of Liquor and Lottery (DLL) said last week. “We will have more information to share early next week.” 

It is expected that a meeting of the Vermont Department of Liquor and Lottery on Wednesday will provide more clarity.

Three sportsbooks to go live

As a small jurisdiction, there won't be a whole lot of sports betting activity at the best sportsbooks in Vermont. Same with revenues to go around for prospective sportsbooks hoping to be successful in Vermont.

The state's legal sports betting platform, which will offer Vermont sportsbook promos, isn't expected to blow anybody away in terms of revenues. As America's 49th-largest state in terms of population with about 650,000 residents and no professional sports teams, huge numbers aren't forecasted.

DraftKings, FanDuel, and Fanatics are the lucky three that will be competing for market share in the lightly populated state.

“We are excited to offer sports enthusiasts the ability to engage in sports wagering in Vermont with three of the industry’s top companies,” Knight said.

Under the Vermont legal sports legislation, as many as six online sportsbooks could eventually be competing for market share in the Green Mountain State.

More about the impending platform

Lawmakers in Vermont passed a legal sports betting bill in June with the intention of kicking off wagering in the state during January. Playoff NFL action, the College Football Playoff, and the Super Bowl are motivating dates on the calendar for prospective legal sports betting states.

Vermont will represent America's third online-only sports betting state. Licensees will pay $550,000 initially for Vermont sports betting app licenses and will be expected to abide by a 20% revenue-sharing rate.

Analysts expect up to $2 million in tax revenue from the first year of legal sports betting in the state. Vermont's joint fiscal office expects that number to swell to as much as $4.6 million in 2026 when the industry is fully mature.

Responsible gaming measures will be an important factor for Vermont's legal sports betting when it launches.