Vermont has until May 12 to become the last of the New England states to approve sports betting. There is something about being first, at least when it comes to bragging rights and getting a leg up.
But there’s also something to be said about being last. You get to learn from other’s mistakes. And now that the Senate Finance Committee approved the amended version and shipped it to the Senate floor, the end is in sight. The House approved the bill on March 24.
If signed into law, Vermont would become the second state to legalize this year, the other being Kentucky, although Massachusetts did not launch until this year. Vermont is also a rarity: an online market only, becoming the third state and first in New England, according to SportsHandle.
The bill as now written allows for two to six licensees under the direction of the Department of Liquor and Lottery.
Committee members have installed a lot of consumer protections into the system. The amendment also has a clause that allows the state to collect taxes on winning wagers placed by non residents. The committee amended the bill to alter the fee structure in hopes of having it better reflect the cost to regulate sports betting.
Lawmakers earmarked $550,000 from the sports betting enterprise fund for startup costs to regulate wagering.
According to Wendy Knight, of Liquor and Lottery, the bill has strict protections and responsible guardrails to make it as safe as possible to place bets…and not overdo it.
“We want to have a robust market,” Knight told SportsHandle. “We’re trying to bring the illicit market to the regulated market … but we agree that we want to reduce harm as much as possible. … We understand there is some kind of dual mission with sports betting.”
The Vermont bill would establish a revenue-sharing situation between operators and the lottery, at a minimum of 20 percent. All advertising and marketing moves require regulatory approval, including limits on unwanted ads and ads aimed at those under 21.
Vermont’s Senate meets every day for the rest of this week and is set to adjourn May 12.
