Legal online sports betting platform to launch in Vermont on January 11th

Governor Phil Scott and the Department of Liquor and Lottery Commissioner have officially announced a launch date for the state’s online sports wagering platform. Sports lovers can place their bets starting on January 11, making Vermont the 38th state to legalize online sports betting.

It’s a topic Gov. Scott says was long overdue in the Green Mountain State, as he and Commissioner Wendy Knight say, not only does it add to the excitement people have for watching sports, but it also brings more revenue to the state.

“I first proposed Vermont legalize sports wagering several years ago, and it’s good to see it come to fruition,” says Scott. “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.”

Through a competitive bid process, DraftKings, FanDuel, and Fanatics Sportsbook were selected to operate mobile sports wagering platforms. Knight notes many Vermonters used to leave the state to place bets; Vermont previously losing out on that revenue.

“We have a number of Vermonters that are already registered with the online sportsbooks, so that’s great because now they have the ability to play here,” says Knight.

Sports Betting Analyst for Covers Geoff Zochodne says the practice boosts engagement.

“It enhances for people the interest you can have in the most mundane of events, maybe you have no personal interest in the two teams that are playing, but maybe you have some extra time on your hands, and you want to get a wager down,” says Zochodne.

Knight says the game plan was to launch the framework just in time for the NFL season, and Zochodne notes the superbowl is the most-bet-on game of the year.

“People want to bet on it in a bunch of different ways including a lot of obscure props,” says Zochodne, “like what color is going to be the Gatorade that’s dumped on the winning coach, or whether or not the coin toss will be heads or tails.”

The state is also keeping a focus on promoting healthy wagering.

“Responsible gaming was something that was very important to the administration and the legislature, so we build in safeguards to protect players from the health risks or financial risks from excessive betting,” says Knight.

“The main things are to set a budget for yourself and only wager money that you can afford to lose,” says Zochodne.

Knight says the state can earn up to $7 million in revenue in the first year of operations, but as the market grows, Knight estimates the state can earn up to $18 million after five years.

The operators will pay the department $550,000 in fees, plus a percentage of the adjusted gross sports wagering revenue.

Knight also says it’s possible the state could add more operators in the future.

Players can now pre-register their accounts.