Vermont Legalizes Sports Betting

On June 15, 2023, Vermont legalizes sports betting. It came after the state legislature passed a bill, and Governor Phil Scott signed it into law.

The new law allows licensed operators to offer online and mobile sports wagering platforms to residents and visitors of the Green Mountain State. According to betting software development experts, the law also establishes a 15% tax rate on gross gaming revenue. In addition, operators need to pay an annual licensing fee of $100,000.

The Vermont Lottery Commission will oversee the regulation and enforcement of the sports betting industry. Bookie pay per head experts expected sports wagering to generate $10 million in tax revenue in its first year of operation.

Green Mountain State Legalizes Sports Betting

The legalization of sports betting in Vermont results from growing consumer demand. Also, lawmakers recognized the benefits of a regulated market. A recent poll shows 63% of Vermonters support legal sports betting. On the other hand, only 28% oppose it.

Supporters of the law argue that legalizing sports betting will create jobs and boost tourism. In addition, revenue from sports wagering will provide additional funding for education and other public services. Opponents of the law contend that legalizing sports betting will increase gambling addiction and harm the integrity of sports. Also, it could undermine the state’s reputation for social responsibility.

According to bookie pay per head solutions experts, Vermont joins 28 other states and the District of Columbia that have legalized sports betting since the Supreme Court struck down the federal ban on sports wagering in 2018. The sports betting market in the US is estimated to be worth $20 billion annually, with more states expected to join the trend soon.

Vermont’s sports betting law will take effect on October 1, 2023, giving operators enough time to prepare for the launch of their platforms and comply with the regulatory requirements.

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