Vermont is one of fourteen states – and the only one in New England – that is still prohibiting sports betting. The Sports Betting industry is one that generated over $4 billion dollars in revenue profit last year, according to Morgan Stanley. However, lawmakers are looking into the logistics to see if it would work for Vermont, and ultimately if they can make that change.Wendy Knight, the Chair of the Vermont Sports Betting Study Committee, sees the benefits of legalizing it in the state.”One reason is capturing the tax revenues that the state isn’t capturing right now with it not legal,” said. A hearing was held at the Vermont State House where the focus of the conversation was centered around the appropriate tax rate and revenue sharing model as well as the ideal number of operators for Vermont’s population size.Andrew Winchell, FanDuel’s director of governmental affairs, shared his opinion that the tax rate should be a set one too and not fluctuate. “You need a tax rate set in stature because you provide certainty to operators who then are going to go through and pursue the licensing process,” said Winchell. “Then they are able to understand what the value proposition of being in the state is.”Vermont is also going through the process of figuring out if the state would make sports betting online exclusively, or if in-person gambling is an option. If so, it would not follow Vermont’s traditional norms, especially for a state that doesn’t have a casino.”We don’t have 700,000 people, so we have a very small population,” said Wendy Knight. “It’s not a mature market because we don’t have the infrastructure of racetracks or casinos. In JFO’s view, we’re not going to be a state that’s going to do well with many operators if we’re looking to bring a high revenue for sports betting.”These factors all weigh into the odds of legalizing sports betting.Graham Campbell, JFO’s Senior Fiscal Analyst, explained that he believes the “legal and regulatory structure is probably the single most important thing for creating a robust market in the state.”The Vermont Sports Betting Study Committee has been vocal that they want competitive operators – like sportsbooks offering “win-able” lines people would realistically place bets on. Wendy Knight believes that Vermont would fall somewhere in between the “2-6 operator range.”
Vermont is one of fourteen states – and the only one in New England – that is still prohibiting sports betting.
The Sports Betting industry is one that generated over $4 billion dollars in revenue profit last year, according to Morgan Stanley.
Advertisement
However, lawmakers are looking into the logistics to see if it would work for Vermont, and ultimately if they can make that change.
Wendy Knight, the Chair of the Vermont Sports Betting Study Committee, sees the benefits of legalizing it in the state.
“One reason is capturing the tax revenues that the state isn’t capturing right now with it not legal,” said.
A hearing was held at the Vermont State House where the focus of the conversation was centered around the appropriate tax rate and revenue sharing model as well as the ideal number of operators for Vermont’s population size.
Andrew Winchell, FanDuel’s director of governmental affairs, shared his opinion that the tax rate should be a set one too and not fluctuate.
“You need a tax rate set in stature because you provide certainty to operators who then are going to go through and pursue the licensing process,” said Winchell. “Then they are able to understand what the value proposition of being in the state is.”
Vermont is also going through the process of figuring out if the state would make sports betting online exclusively, or if in-person gambling is an option. If so, it would not follow Vermont’s traditional norms, especially for a state that doesn’t have a casino.
“We don’t have 700,000 people, so we have a very small population,” said Wendy Knight. “It’s not a mature market because we don’t have the infrastructure of racetracks or casinos. In JFO’s view, we’re not going to be a state that’s going to do well with many operators if we’re looking to bring a high revenue for sports betting.”
These factors all weigh into the odds of legalizing sports betting.
Graham Campbell, JFO’s Senior Fiscal Analyst, explained that he believes the “legal and regulatory structure is probably the single most important thing for creating a robust market in the state.”
The Vermont Sports Betting Study Committee has been vocal that they want competitive operators – like sportsbooks offering “win-able” lines people would realistically place bets on.
Wendy Knight believes that Vermont would fall somewhere in between the “2-6 operator range.”