- Vermont online sports betting will launch on Thursday, Jan. 11
- The Department of Liquor and Lottery announced DraftKings, FanDuel, and Fanatics Sportsbook as operators
- Up to $7 million in sports betting tax revenue expected in first year
After legalizing sports betting just six months ago, Gov. Phil Scott (R) announced Vermont online sports betting will launch on Thursday, Jan. 11.
The Vermont Department of Liquor and Lottery announced DraftKings, FanDuel, and Fanatics Sportsbook were selected as the three online sports betting operators for the state after going through a competitive bidding process.
FanDuel, BetMGM, DraftKings, Fanatics Betting and Gaming, and Penn Sports Interactive (ESPN Bet) submitted applications to operate in Vermont.
Millions Expected in Sports Betting Revenue
The Vermont Department of Liquor was obligated to approve between two to six sports betting operators for the state. DraftKings, FanDuel, and Fanatics Sportsbook are now allowed to begin registering users prior to the official launch date on Jan. 11.
The state will receive a percentage of each operator’s adjusted gross sports wagering revenue, plus an additional operator fee .Vermont is expected to receive upwards of $7 million in sports betting tax revenue in 2024.
“I first proposed Vermont legalize sports wagering several years ago, and it’s good to see it come to fruition,” said Gov. Scott in a release. “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.”
Operators selected by the Department of Liquor and Lottery for a license will agree to contracts for a minimum of three years at a cost of $550,000 per license. So, for example, if an operator agrees to a five-year contract, it will have to pay $110,000 annually for each of the five years.
“We are excited to offer sports enthusiasts the ability to engage in sports wagering in Vermont with three of the industry’s top companies,” said Vermont Department of Liquor Commissioner Wendy Knight said.
College Sports Betting Prohibitions
The bill allows for betting on college sports, but does place a prohibition on bets placed on in-state colleges and universities. Many states offer this prohibition, including neighboring Massachusetts and New York.
However, the DLL will allow bets on Vermont colleges or universities if the school is participating in a tournament, such as the annual March Madness tournament, even if the tournament is taking place in the state.
The minimum age to participate in sports betting in Vermont will be 21.
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