VT Sports Betting Bill Senate Approval Away from Regulation

• Vermont sports betting bill H 127 flew through the House chamber last week, seeing approval from multiple committees.
• After a voice vote in the House approved the measure, the bill awaits its first reading in the Senate.
• If the Senate approves it, there should be no backlash from Governor Phil Scott.

MONTPELIER, Vt. – Vermont’s sports betting bill is headed to the Senate for approval, after a voice vote in the House on Friday.

Looking to regulate online sports betting in Vermont, VT H 127 underwent multiple committee approvals in under a week. With a lightning pace, the measure awaits its first read in the Senate, as Governor Phil Scott awaits the legislation.

Scott, giving positive feedback about the legal Vermont sports betting industry in January, has not said whether he would sign the bill or not as is.

But, with his previous statements, there is no indication that Scott would reject such a measure.

Positive Outlook

The Vermont sports betting bill was able to move so quickly due to a study committee that recommended how to regulate the industry before the 2023 session began.

With those notes, VT H 127 is the first sports betting bill in VT to switch legislative chambers.

If all goes well through the Senate, Vermont would see anywhere from two to six online sportsbooks housed in-state. Regulated under the Department of Liquor, the potential Vermont sportsbooks would undergo a bidding process that requires them to submit a tax rate they’d be willing to pay.

Seen in NY last year, it allowed for a 51% tax on all sports betting revenue. As Vermont’s industry will not be as large as New York, experts suggest the tax rate would be closer to the nation’s average.

Still, Vermont expects about $10 million per year to hit the state’s general fund with the addition of legal sports betting in the state.

This includes the ability to bet on college sports, minus any Vermont based college or university.

As the only state in the Northeast besides Maine without a launched sports betting industry, there seems to be a fire under the legislators to cross the finish line.

News tags: New York | Phil Scott | Vermont | VT H 127