Vermont Joins the Ranks of States Launching Online Sports Betting

Vermont, the second least-populated state in the country, is set to enter the online sports betting market. Officials estimate that the activity could generate $7 million in tax revenue in its first year, with that figure potentially rising to as high as $18 million annually as the market matures. However, there are restrictions in place, such as the requirement for individuals to be at least 18 years old to place wagers and the prohibition of adding funds to accounts using a credit card.

The move comes after Vermont Governor Phil Scott signed sports betting legislation into law in June. The Department of Liquor and Lottery, which oversees gambling in the state, chose Fanatics, FanDuel, and DraftKings as the recipients of licenses in December. Interestingly, ESPN Bet and BetMGM were unsuccessful bidders, even though the regulator was authorized to issue up to six licenses.

The news of Vermont’s entry into the online sports betting market comes as neighboring state North Carolina is also gearing up to launch its own online sports betting platform. It is expected that the launch will happen in time for the popular March Madness college basketball tournament.

With Vermont now becoming the 29th state to launch online sports betting, it’s clear that this form of gambling is becoming increasingly widespread across the United States. The move reflects the changing attitudes towards sports betting, with more states looking to capitalize on the potential tax revenue and economic benefits that the industry can bring.

The post Vermont Becomes 29th State to Launch Online Sports Betting appeared first on Vegas Slots Online News.

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