- Vermont will begin studying sports betting for a possible 2022 regulated industry launch.
- Governor Phil Scott would like to open a sports wagering market, as so many neighboring states have already done.
- It is estimated that the state could see up to $3 million in revenue annually from sports gaming.
MONTPELIER, Vt. – Vermont Governor Phil Scott officially signed a bill into law on Tuesday that opens up a sports betting study for VT.
House Bill 313 is a miscellaneous piece of legislation that includes a variety of issues, one of which is researching the sports wagering market in order for Vermont to regulate an industry of its own in the future.
House Bill 313 states:
“On or before October 15, 2021, the Office of Legislative Counsel and the Joint Fiscal Office shall submit a written report to the House Committees on Ways and Means and on General, Housing, and Military Affairs and the Senate Committee on Economic Development, Housing and General Affairs concerning the current state of the regulated sports betting market in the United States.”
Vermont, and Governor Scott in particular, wants to open a regulated sports betting industry in the state but they want to do so with as many facts about the market as they can get their hands on which is where this study comes into play.
The research that will be submitted by October will include data from various markets across the country and their successes and formats for sports gaming. Revenue, taxes, and problem gambling initiatives will also be put into the report.
Governor Scott has included sports gaming on the 2022 FY budget proposal as a new revenue stream for Vermont. Within the measure, it is estimated that at least $3 million could be collected in revenue from a sports betting industry in the state annually.
What’s Going to Happen Next?
A similar piece of legislation could be seen in the 2022 session once the study is in.
As for the thoughts of Governor Scott on the issue, he has only one thing to say to Vermonters statewide after signing House Bill 313:
“For years, I have proposed that Vermont legalize and regulate sports betting, as more than a dozen states have done,” said Scott. “We know thousands of Vermonters are already participating in this activity, and the State should take steps to ensure fairness and safety, while also generating new revenue to support enrichment opportunities for our youth, increase affordability of childcare, or support universal access to afterschool programs. This bill includes a study that I hope will lead to action on this initiative next session.”