The state of Vermont is considering the legalization of sports betting after over 30 US states have already introduced sports wagering legislation with neighboring Maine and Massachusetts being the latest to do so in their jurisdiction.
Vermont Lags Behind Over 30 US States That Have Already Legalized Sports Betting
The Vermont General Assembly has assembled a Sports Betting Study Committee to explore the possibility of passing legislation that will introduce sports events wagering in the state of Vermont.
One of the Committee’s initiatives for research on the subject was a public hearing that was held on September 27. The Committee took heed of the viewpoints on the various kinds of sports betting of government officials, a sports betting operator, and a sports wagering fan.
After the Committee conducts the necessary hearings and research, it will prepare a report and deliver it to the state’s legislative authorities.
Lawmakers in the state are a little late to take steps toward sports betting legislation as all of the states in New England have already legalized this form of gambling with Maine and Massachusetts being the last states to pass such laws.
People in Vermont are already placing sports bets either with off-shore providers or operators from other states where sports betting is already legalized. So the state would rather bring in the tax revenue to its own coffer by introducing its sports betting market.
Therefore, the question is when will that happen rather than if it will happen.
The Sports Betting Study Committee’s Report to Help with Important Decisions
The report by the Committee is meant to help legislators with important decisions such as whether to introduce both retail and online sports betting or just one of them, whether to operate the process in a centralized way or to have various licensees on the market.
Another important question is what tax rates should be imposed on sports betting and whether there will be licensing fees or not.
Further details such as the legal age necessary to place sports bets are also to be determined.
Neighboring Maine and Massachusetts Both Legalized Sports Betting
At the beginning of May, Maine passed legislation to legalize sports betting in the state, while Massachusetts did that at the beginning of August.
Both states have a lot of regulations to implement before their sports wagering markets can be launched.
In Maine, sports betting will be provided by the Native American tribes in collaboration with private operators. In addition, there will also be a mobile application.
In Massachusetts, both retail and online sports betting will be allowed with licensing of physical gambling venues, online operators, and mobile applications still to be regulated and introduced.
Both states expect good revenues from sports wagering operations with Massachusetts having estimated that licensing will bring in $70-$80 million, while yearly tax revenue will be about $60 million.