Vermont Licensed Online Sports Betting Goes LIVE Jan 11
On Thursday, Jan. 11, 2024, the first licensed sportsbooks in Vermont opened for business. As called for in state law, these operators are conducting their business solely online; there's no provision in Vermont law for brick-and-mortar sportsbooks.
Initial Vermont Sportsbooks
The three sportsbooks that are open for business in Vermont are DraftKings, FanDuel, and Fanatics.
FanDuel's Vermont WebsiteDraftKings is a decade-old entity based in Boston that had historically been focused on Daily Fantasy Sports before expanding into traditional sports betting in the wake of the Supreme Court's 2018 Murphy decision. FanDuel, also an established DFS provider, is based in New York City and was acquired by betting giant Flutter in 2018 to become that corporation's main U.S.-facing brand.
Fanatics sportsbook is a newer entity, having been launched by the massive sports merchandizer of the same name only in August 2023. Using its name-recognition and deep pockets, however, it has expanded rapidly into close to a dozen states in just a few short months.
Vermont Department of Liquor and Lotteries Commissioner Wendy KnightWendy Knight, the Commissioner of the Vermont Department of Liquor and Lotteries has stated that in the first 12 hours of legalized Vermont sports betting, around 7,000 accounts were created, and $15,000 in wagers were placed per hour. The Department of Liquor and Lotteries has regulatory powers over the new VT sportsbook market.
In a press release prior to the launch of sports betting, Vermont Governor Phil Scott said:
I first proposed Vermont legalize sports wagering several years ago, and it’s good to see it come to fruition. Vermonters and visitors alike will soon be able to access a regulated sports wagering marketplace, which will come with important consumer protections and generate revenue for the State.
Vermont Sports Betting Rules
As is the case in most regulated sports betting states, one needn't be a resident of Vermont to participate at the VT sportsbooks. However, anyone who wishes to place a wager must be physically located within state borders at the time the bet is placed. Furthermore, only those 21 years of age or older can wager on sports.
Bets on Vermont high school athletics are specifically prohibited. The same is true of Vermont colleges except during tournament-format events. The Department of Liquor and Lotteries has released a list of leagues and sports on which bets are permitted. The list of approved sports includes:
- Australian Rules Football
- Badminton
- Bandy
- Baseball
- Basketball
- Biathlon
- BMX Racing
- Bobsleigh
- Bowling
- Bowls
- Boxing
- Bull Riding
- Combat Sports
- Competitive Tag
- Cornhole
- Cricket
- Cycling
- Cyclo-Cross
- Darts
- Diving
- Drone Racing
- eSports
- Extreme Sports
- Field Hockey
- Fishing
- Floorball
- Football
- Futsal
- Golf
- Handball
- High Diving
- Ice Hockey
- Jai-Alai
- Lacrosse
- Luge
- Marathon
- Mini Golf
- Motorsports
- Mountain Bike Racing
- Netball
- Pesapallo
- Pickleball
- Pool
- Rodeo
- Rowing
- Rugby League
- Rugby Union
- Sailing
- Skeleton
- Ski Jumping
- Skiing
- Snocross
- Snooker
- Snowboarding
- Soccer
- Softball
- Speed Skating
- Surfing
- Swimming
- Table Tennis
- Tennis
- Track and Field
- Ultimate Frisbee
- Volleyball
- Water Polo
- Windsurfing
- Wrestling
Allowed bet types include single, parlay, over-under, moneyline, point spreads, teaser, pleaser, round robin, and same game parlay. In-game wagering is allowed. Disallowed bets include those related to officiating, like number of penalty flags in soccer and the results of coaches' challenges, and props on player injuries or suspensions.
Licensed sportsbooks must pay a $550,000 fee per year along with at least 20% of gross gaming revenue. Unusually, the exact percentage of revenue due to the state is variable and is specified as part of each company's application. DraftKings and Fanatics have agreed to pay 31% while FanDuel will hand over 33% of revenue. Officials expect to pull in $7 million in the first year of Vermont sports betting.
A Couple of Aspirants Left Out
Vermont law provides for up to six online sportsbooks to be live in the state at once; yet, only three have been approved. There are another two that tried to gain entry to the state but had their applications declined: BetMGM and ESPN Bet.
The application of ESPN Bet was not accepted due to the absence of certain documentation that was mandated by state guidelines. BetMGM's proposal was not approved because it included a dynamic revenue share percentage that would shift based upon the total number of sports betting licensees: a model that Vermont deemed unacceptable.
Commissioner Knight strongly discouraged the idea that these two applicants were “rejected” instead implying that the deficiencies in their applications could be remedied. Perhaps they will be approved further down the line, maybe in the next few months.
The Road to Vermont Licensed Sports Betting
The current mania for legalized sports betting in the United States began in 2018 when the Supreme Court struck down the federal ban on the expansion of sports betting. States scrambled to enact the necessary legislation and get sportsbooks up and running.
Vermont was one of the states that appeared to be trying hard to get sports betting legalized. However, its initial attempt in 2019 was unsuccessful with the bill failing to proceed beyond the committee state. 2020 saw better progress as a bill was actually passed by the State Senate before dying in the House. 2021 saw another bill fail, but a couple of years later, the legislature actually succeeded in passing bill H.127.
This bill was introduced by State Representative Matthew Birong (D) on Jan. 31, 2023. It passed the House on March 24 and then moved to the Senate. After the Senate passed it on May 4, it went back to the House for concurrence between the Senate and House versions of the bill, and the House approved the Senate version on May 9. The governor signed the bill on June 14, and it became the law of the land.
A month later, in July 2023, the Department of Liquor and Lotteries approved regulatory rules for the sports betting market and set Aug. 28 as the deadline for would-be operators to submit their bids. In September, it was revealed that there were five applicants for licenses, and on Dec. 12, the state set the date for the beginning of Vermont sports betting and named DraftKings, FanDuel, and Fanatics as the winning contenders.
Offshore Bookies Still Available
The limited sports betting environment in Vermont consists of only three bookmakers. This might not be enough for you if you're a serious sports bettor especially if you enjoy betting on Vermont collegiate athletics. Therefore, you might be interested in an international sportsbook, like Bovada. Not only does it accept sports action from Vermonters, it also lets you play poker and dabble in casino gaming. Bovada will give you up to $750 in sports bonuses along with $500 for the poker room and $3,750 in casino bonus funds.
To learn more about Bovada, check out this detailed Bovada review. For info on other offshore sportsbooks, head over to this rundown of the best online bookmakers for USA bettors.
For more insight into the Vermont landscape for online poker, read this Vermont internet poker guide. If you reside elsewhere in the United States, then maybe a rundown of the top US online poker sites would be interesting to you.