Credit:
Elsa/Getty Pictures. Pictured: Finn Sullivan of Vermont.
Update:
May 26, 2023, 12:10 p.m. EDT
Surrounded by East Coast states that have long legalized sports betting, Vermont is ready to take the plunge.
The sports betting bill, which would legalize the practice in the state by allowing up to six mobile apps, has passed the state House and Senate and is now going to Governor Phil Scott, who has indicated Friday that he would actually sign him, Legal Sports Report said.
Every state south of Vermont – down to Virginia – has legalized sports betting. Vermont would be the 38th state to do so and become the latest holdout in the Northeast to grant the right to residents.
Vermont is the second-smallest state in the United States by population after Wyoming, so it shouldn’t bring a substantial windfall.
The state expects the operators to bring in $10 million a year in the first year. and that the state will make $2 million in taxes.
For context, operators in the most profitable state, New York, cumulatively bring in more than that in a single week.
Although there are only 12 states left that have yet to approve sports gambling, this is still a significant portion of the population, as it includes the two states with the highest population and GDP. : California and Texas. The fourth highest in those two categories, Florida, has approved the practice but is stuck in legal limbo.
Vermont will be one of two states, along with Tennessee, to only allow online sports betting.
The official launch is scheduled for January 2024, with operators expected to begin the bidding process in August.
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