A sort of Vermont Sports betting study commissioned by lawmakers shows industry 2023 And give them a roadmap of how to do it.
But so far, none of the 87 Bills introduced since lawmakers convened the 2023-2024 legislative session address this issue.
Sports Betting Research CouncilThe report concluded that the state would benefit from the tax and player protections that regulated online VT sportsbooks could provide. It is the second gambling study commissioned by the government in two years, but the committee has never passed any sports betting bill.
Representative: Sports betting research under review
Rep. Thomas Stevens, who chairs the lottery oversight committee, told legal sports coverage He is still reviewing the study and declined to comment.
He was one of several lawmakers who questioned expanding Vermont’s limited gaming market, while governor phil scott Been thinking about it. Scott commissioned a previous study on regulating the industry that produced similar results.
“The Vermont Senate has consistently supported the establishment of a legal framework for sports betting in our state. A regulated market would provide consumer protection in a way that illegal markets currently cannot.” Mori.Philip Barut, who served on the grants committee that approved the research. We are encouraged that the Research Committee has reached a consensus on its recommendations for a way forward. We welcome these recommendations and look forward to continuing discussions in the next biennium. “
Key findings from the Vermont sports betting study
Based on information gathered from nearby states with legal sports betting and considering Vermont’s lack of gaming history, the report makes several key recommendations for the potential structure of Vermont’s sports betting market:
- A mobile-only sports betting market, at least at first, since there are no tribal or commercial casinos or racetracks in Vermont that can host retail sports betting.
- A “state-controlled marketplace” that would allow two to six operators to go through a competitive bidding process, rather than creating a gaming control board to license each operator individually.
- Task Wine color series According to the report, this could allow for a quicker launch if Vermont needs to create a new gaming-focused agency compared to regulation.
While the study mentions differences between states that allow sportsbooks to deduct promotional bets from their taxable income, it makes no formal recommendations on tax benefits. However, it does recommend that the legislature set a minimum tax rate.
It also suggested that state lotteries should refrain from offering their own sports betting products.
“The commission analyzed states that had established unique betting platforms and found that these states had been slow to implement, with low customer engagement and reduced revenue,” the study reads.
Vermont’s final Northeast holdout
Vermont is the only state in the Northeast that has yet to legalize any form of sports betting. Here’s the legal gambling landscape in the rest of New England:
Rhode Island casinos were the first New England state to get into sports betting, beginning to accept wagers in late 2018. Today, it is the smallest state with mobile sportsbooks, which operate exclusively through partnerships between state lotteries, gas turbine and william hill.
Since legalizing sports betting in 2019, New Hampshire has tweaked its sports betting laws several times. Like Rhode Island, New Hampshire has an online sports betting provider: draft king and the National Lottery.
Connecticut is another New England state whose lottery runs a mobile product. However, the state offers more than one sports betting app. Unlike Vermont, its lawmakers must navigate federally recognized tribes based on their gaming interests, which requires federal approval.since 2021, fan duel DraftKings provides sports betting services through partnerships with these tribes, while SugarHouse Sportsbook and state lotteries operate their own products.
Maine lawmakers successfully overcame federally recognized tribe hurdles to legalize sports betting in 2022. The changes allow up to four online sportsbooks, and while the regulator has hinted at them later this year, there is still no timeline for their rollout.
Massachusetts was the last New England state outside of Vermont to legalize sports betting, after years of disagreement over tax rates and advertising restrictions.Online betting expected to launch early to march. The regulator has thoroughly scrutinized the operators and may impose stricter advertising restrictions on them.