Vermont Sports Betting: A Comprehensive Update
On January 11, 2024, Vermont officially entered the realm of legal sports betting, bringing a highly anticipated form of entertainment and potential revenue to the Green Mountain State. This recent development marked a significant milestone in Vermont’s legislative history, as it joins a growing list of states that have embraced regulated sports wagering. As the dust settles from this launch, we take a closer look at the timeline of events leading to this moment and provide insights into the current state of sports betting in Vermont.
The Journey to Legalization
Vermont’s path to legal sports betting began in earnest with various legislative efforts over the years. The first notable move occurred in 2019 with the introduction of House Bill 494, aimed at legalizing both retail and online sports betting. However, it met a muted response, highlighted by a lack of further discussion. Fast forward to May 14, 2018, when the Supreme Court’s landmark decision overturned the Professional and Amateur Sports Protection Act (PASPA), opening the floodgates for states to regulate their own sports betting markets.
In early 2023, lawmakers once again took a proactive approach, as House Bill 127 successfully navigated through the Vermont House of Representatives with widespread support. Following several amendments and regulatory discussions, the governor signed the bill into law on June 14, 2023. This paved the way for establishing a regulated environment for sports betting, ultimately leading to the launch of operations in January 2024.
Launch Day and Early Days of Betting
When Vermont’s legal sports betting went live on January 11, 2024, the state introduced three prominent online sportsbooks: FanDuel, DraftKings, and Fanatics Sportsbook. The launch day was celebrated with considerable fanfare, marking the beginning of a new era for bettors in Vermont. Notably, the first bets placed included a $10 parlay on the Houston Texans and Kansas City Chiefs, among other wagers, further emphasizing the excitement surrounding this event.
Despite its promising start, Vermont quickly faced challenges in the following months.
Challenges and Adjustments
By April 2024, the state reported a betting handle of $21 million—however, the enthusiasm dipped significantly in subsequent months. Reports indicated a troubling trend as Vermont recorded its lowest revenue since the launch, generating less than $1 million on a $10.05 million handle in June.
Efforts to rally interest in sports betting were made through various measures, including the prohibition of college player prop betting, implemented on March 12, 2024. This ban placed Vermont among a small group of states with similar restrictions, highlighting a commitment to prioritize responsible gaming practices.
Additionally, in August 2024, DraftKings announced its decision to eliminate surcharges on winning bets in Vermont, signaling a positive response to customer feedback and an effort to encourage more active participation in the wagering market.
Regulations and Promotional Efforts
As part of the ongoing regulatory landscape, the Vermont legislature introduced Bill H.857, aimed at tightening regulations on gambling-related advertising. This move reflects a growing awareness of the need to manage the promotion of sports betting responsibly within the state.
Furthermore, prior to the launch, the Vermont Board of Liquor and Lottery released a comprehensive sports betting catalog that included over 70 sports, which showcased the state’s intent to offer a diverse range of betting options. As of August 2024, positive trends began to emerge, with reports indicating an increase in betting handle after a series of declining months.
Future Prospects
With the launch of legal sports betting still fresh, it remains to be seen how the industry will evolve in Vermont. Amid fluctuating betting handles and revenue, stakeholders are keenly observing trends to assess the recreational betting market. The engagement of additional sportsbook operators in the future could further enhance competition in the market, potentially leading to improved promotions and offerings for existing bettors.
Conclusion
Vermont’s foray into legal sports betting has been a journey marked by legislative diligence and evolving regulations. As we move forward, the state will continue to refine its sports betting framework while seeking to balance responsible gambling practices with an effective and vibrant wagering environment. The subsequent months will be crucial in shaping the future landscape of sports betting in Vermont—one that integrates the excitement of competition with the integrity of regulation.
1
20
20
