Vermont Sportsbetting Bill Advances to Senate

The state of Vermont's Senate Finance Committee has passed through House Bill 127, clearing the bill that would legalize sportsbetting to the Senate floor for debate and a vote.

The bill had previously been approved of by the Senate Economic Development, Housing, and General Affairs Committee and was passed through the House of Representatives in March. The bill would legalize sportsbetting, which would see at least two and a maximum of six online sportsbetting licenses to be granted.

The activity would be regulated by the Department of Liquor and Lottery. Licensees would have to pay $550,000 per year if there's only one operator, while two would pay $412,500 each, $366,666 for three, $343,750 for four, $330,000 for five, and $320,833 for six. The length of the license for an operator would be negotiated with the regulator. The tax rate for operators would be 20% on receipts, while punters would pay a 6% tax.

Sportsbetting would be open to those 21 years of age or older and physically located in the state at the time of the wager. We'll be updating readers as we learn more about the bill's movement.