Vermont Sports Betting Bill Officially Filed
A Vermont sports betting bill has been filed in the state’s capital of Montpelier. Should the bill get passed into law the state of Vermont will permit mobile wagering for residents. The bill only caters to mobile betting. State Senators, Dick Sears as well as Michael Sirotkin, filed the bill which calls for $10 000 license fees for suppliers and operators. There are quite a few aspects of the bill, S.213 that will be shared later.
The Vermont sports betting bill being pre-filed came as a shock to many as the state isn’t exactly a gambling hub. There are no brick and mortar tribal and commercial casinos in the state; also, there are no pari-mutuel betting amenities in the state. Residents in Vermont have very limited options when it comes to gambling, which may soon change thanks to the bill. The bill’s submission is the first step that has been taken in 2020 to introduce sports betting to Vermont, and it is the first bill to build on the initiative started in March 2019.
Details of the Vermont Sports Betting Bill
The Vermont Sports Betting bill speaks on quite a few aspects of the betting industry, such as operating licenses, daily fantasy sports, the authorities, among other things. The important details of the proposed state sports betting bill touch on the following;
- Limitless allowance for licenses for online sports betting brands to be established.
- The Board of Liquor and Lottery will be the authority to oversee sports betting in the state.
- A 10% monthly tax payment on gross sports revenues.
- Daily fantasy sports revenue to be taxed at 10%.
- Losses incurred by operators can be offset by tax payments made in the future.
Vermont Sports Betting Gets A Much Needed Boost
Vermont doesn’t have a single professional sports team, this includes professional college teams. However, the state is home to quite a few residents that moved from states like Massachusetts, New Jersey, New York, and Connecticut, known as “low-landers’. These are states that known to be filled with sports fanatics.