Vermont has officially entered the world of mobile sports betting. Governor Phil Scott unveiled the names of three prominent companies which will be operating the state’s mobile sports betting platforms: DraftKings, FanDuel, and Fanatics Sportsbook. Vermonters can now enjoy betting on their favourite sports online and contribute to the state budget at the same time.
A Boost for Vermont's Economy
Vermont's legalisation of the mobile sports betting market allows the state to keep up with nearly three dozen other states that have already embraced online sports betting. The states increasingly recognise the economic benefits and embrace the growing popularity of online sports betting, but there are still quite a few states where online sports betting remains illegal.
Governor Scott predicts Vermont's sports betting operations will generate up to $7 million in revenue during the first year. These substantial revenue projections promise to have a positive cascading effect on the state's economy, further establishing mobile sports betting as a lucrative market and contributing significantly to Vermont's fiscal health.
Prioritising Consumer Protection in the Process
The legalisation of online sports betting also brings concerns, and Governor Scott emphasised the paramount importance of consumer protection. Vermont's regulated marketplace is designed with stringent safeguards to ensure the well-being of bettors. Participants must be at least 21 years old to place bets, which is similar to the age requirements in numerous other states and is also the legal drinking and gambling age.
Vermont's Department of Liquor and Lottery, in collaboration with the Department of Mental Health, will provide an annual report to the Legislature on the impact of sports betting on the bettors in Green Mountain State. It is a proactive approach that will help monitor and manage any adverse effects on individuals susceptible to problem gambling.
Licensed operators are also mandated to submit an annual responsible gaming plan outlining their commitment to tackling problem gambling through measures such as player limits, self-exclusion programs, and resources for bettors who think they have a gambling issue.
