A trio of sports betting operators have launched operations in a new American market.
The Vermont Department of Liquor and Lottery launched regulated online sports betting on Jan. 11 after recently awarding wagering licenses to three betting operators.
Vermont — the 38th state to offer sanctioned sports wagering in the U.S. — had five operators submit applications for market access in September 2023 but has gone live at its initial launch with only three: Fanatics Sportsbook, DraftKings, and FanDuel. BetMGM and ESPN Bet also submitted applications, which were denied. ESPN Bet launched in November 2023 after rebranding from Barstool Sportsbook.
Fanatics, DraftKings, and FanDuel have paid an upfront fee of $500,000 to launch operations in Vermont and will be obligated to pay a $366,666 fee for each year they operate in the state.
Vermonters have access to online sports betting after Gov. Phil Scott signed House Bill 127 in June 2023. The piece of legislation requires bettors in the state to be 21 or older with wagering on Vermont college teams is prohibited. HB 127, which excludes retail wagering, also mandates that operators share at least 20% of the revenue that they generate from sports betting.
Vermont is expected to generate $7 million in tax revenue annually from sports wagering.
Wide range of betting options in Vermont
Bettors in Vermont have a diverse catalog of betting markets to choose from across the state’s three sportsbooks. Last month, Vermont’s gaming regulator approved wagering on NFL, MLB, NHL, NBA, and MLS games but has also provided more niche markets to sports fans.
The state has also granted wagering on World Chase Tag, Major League Fishing, and the Drone Racing League. Betting on NCAA contests that do not include Vermont teams is also permitted.
