It’s official: online sports betting will start in Vermont on Jan. 11.
This week’s announcement of an official start date for legal sports betting in the Green Mountain State capped off more than a year of work by lawmakers and regulators.
Indeed, the version of Vermont sports betting that will roll out next month was influenced by the work of a study committee in late 2022, with several recommendations accepted and now being implemented.
But, like with the launch of sports betting sites in other states, Vermont’s system has quirks. Covers has a quick primer below to get Vermonters up to speed on the coming debut of mobile sportsbooks in the New England state:
When can I start betting?
Well, as noted above, online sportsbooks will officially launch in Vermont on Thursday, Jan. 11. You can, however, sign up with the state’s authorized sportsbooks now, as operators can pre-register players and market themselves.
Where can I bet in Vermont?
Vermont will have only online sportsbooks to start, which means heading to an app or website to wager. The state will have just three approved operators of mobile wagering sites as well: DraftKings, FanDuel, and Fanatics Sportsbook.
Why only three?
The bill passed by lawmakers earlier this year only allowed for up to six online sportsbooks in the state. The three selected by regulators were chosen using a competitive bidding process.
How old do I need to be to bet?
Vermonters must be 21 or older to wager using the state’s authorized sportsbooks.
What can I bet on?
Almost the entire legal sports betting menu should be available in Vermont from Day One. Still, there are a few exceptions. Wagering on an event involving a Vermont college is prohibited in the state unless that school is participating in March Madness or a similar tournament. Also banned is wagering on high school or college games taking place in Vermont and amateur or professional events in which the participants are chiefly under 18.
How can I fund my sportsbook account?
Most payment options are open to you. An account can be funded using debit cards, electronic funds transfers, and other cash equivalents converted to cash. That said, Vermonters cannot use credit cards to fund their accounts or wager.
Where is the money going?
By law, Vermont’s online sportsbooks must turn over at least 20% of their revenue to the state in addition to a $550,000 initial operator fee. DraftKings and Fanatics are reportedly turning over 31% of their revenue, while FanDuel will owe 33%. The state, meanwhile, is expected to use the operator fees to cover the cost of administering and overseeing legal sports betting. The revenue operators share with the state will flow to Vermont's General Fund.
Furthermore, $250,000 is earmarked for the Department of Mental Health during the 2024 fiscal year to set up a problem gambling program, and $100,000 must go to the state's digital services agency to establish a self-exclusion program for residents who want no part of legal wagering. The Department of Liquor and Lottery, the regulatory body, is guaranteed another $550,000.
Wait, how much money is the state expecting to earn from sports betting?
Exactly how much Vermont earns from legal sports betting remains to be seen. Nevertheless, lawmakers and regulators expect up to $7 million in new revenue for the state during the first full year of wagering.
What if I don’t want to bet on sports in Vermont?
You don’t have to! As noted above, the state is establishing a self-exclusion and problem gambling program to help people steer clear if they so choose.
This story has been updated from its original version to clarify the fee operators will pay in Vermont and the usage of the funds received by the state.
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