VT Governor Proposes Revenue Package To Include Sports Betting

• The Vermont Governor is seeking to make sports betting a legal pastime with his new revenue package proposal.
• The internet/mobile sports wagering platforms within bill VT S213 would require a 10% tax on all revenue which estimates show to be about $2 million gained annually for the state.
• Money from the sports betting market would go toward helping multiple initiatives in Vermont.

MONTPELIER, Vt. – The Governor of Vermont, Phil Scott has come up with a new revenue package that includes legal sports betting in the state.

Within his budget proposal, Scott is looking to add other revenue streams like that of wagering on sporting events to cover the costs of things like state child care and recruiting people to move to the Green Mountain State for work.

His latest plans are now in the hands of the Legislature where a final decision must be made by June 2020 for the 2021 fiscal year.

How Legal Sports Betting Factors Into His Plans

According to the Governor’s estimates, legalizing sports betting in the state would see an extra $2 million annually from the popular market that has been spreading nationwide.

Rather than put that money toward one thing, it would go into general funding which will allow it to be dispersed to anything in the state that requires extra money.

In 2018, when PASPA was first overturned, the Governor was opposed to the idea of legal sports betting in Vermont but was open to listening to its benefits. After seeing how other states have prospered with its legalization, he has since changed his tune. While Vermont already has a lottery, gambling on sports would be separate from that.

The legal wagering on sports would be its own entity and have no connection with the lottery in Vermont. All money that is acquired through the state’s lottery goes directly to funding the education system. Sports betting revenues would be a resource that could help numerous initiatives in the state instead of just one.

The Bill That Would Make It Happen

Backing his plan to legalize gambling on sporting matches are two lawmakers and chairmen from the Senate committee, Dick Sears (D-Bennington) and Michael Sirotkin (D-Chittenden). The bill that would be made into law is known as the Sears-Sirotkin bill or VT S213.

Under this bill, the internet and mobile sports betting would become legal within state lines by residents that are 21 years old and over. Professional and collegiate sports could be wagered on as well as e-sports and bigger events such as the Olympics. Both high school sports and youth leagues would be prohibited from betting.

If the Legislature were to agree with these terms, the state of Vermont could see legal sports betting in 2021. They have until June to decide on the Governor’s proposal.

News tags: Dick Sears (D-Bennington) | Michael Sirotkin (D-Chittenden) | Phil Scott | Sears-Sirotkin bill | VT S213