The state of Vermont is progressing toward the legalization of sports betting, as the Senate Finance Committee has given its approval to an amended version of House Bill 127. This move follows the bill’s prior approval by the Senate Economic Development, Housing, and General Affairs Committee and the state House of Representatives.
Key Provisions:
The amended legislation paves the way for the regulation of sports betting by the Department of Liquor and Lottery. It allows for the issuance of a minimum of two and a maximum of six online sports betting licenses. It’s worth noting that the bill does not include provisions for brick-and-mortar sportsbooks.
License Fees:
One significant point of discussion was the license fee structure. While the initial proposal outlined various fee amounts based on the number of operators, senators ultimately decided on a $550,000 upfront payment per operator, effectively covering the cost of regulating the industry. The Department of Liquor and Lottery will have the discretion to negotiate the contract length and timing for subsequent payments, ensuring that operators are not charged more than once within a three-year period.
Responsible Gaming Measures:
The Senate committee’s amendments also include important responsible gaming provisions. They prohibit sportsbooks from advertising during events primarily intended for audiences under the age of 21. Operators are required to submit annual marketing strategies to the state, outlining how they intend to prevent their advertising materials from reaching minors. Moreover, sportsbooks must actively promote responsible gaming and provide resources to assist those who may need help managing their gambling activities.
Problem Gambling Fund:
The Senate Finance Committee has directed the Vermont Department of Liquor and Lottery to allocate 5% of the sports betting receipts it receives to create a new problem gambling fund. This fund will support initiatives aimed at addressing and preventing gambling-related issues within the state.
Next Steps:
The amended sports betting bill now advances to the Senate floor for full consideration. The outcome will determine the future of sports betting in Vermont, with a potential positive impact on the state’s economy and responsible gaming initiatives.
Vermont is on the verge of entering the realm of legal sports betting, with the Senate Finance Committee approving an amended bill that focuses on online wagering. The proposed framework sets the stage for responsible gaming practices while also creating opportunities for economic growth and enhanced consumer protection.