Over a dozen states have legalized sports betting, but, unfortunately, Vermont is not one of them.
There is no timeline as to when, or even if, the Green Mountain State will one day legalize sports betting. However, there has been some political appetite to do so.
As of right now, there are no laws to govern sports betting because, as of now, it remains illegal, as well as unknown when sports betting will be legalized in Vermont.
However, in June 2020, the state Legislature passed S0059, a bill creating the Sports Betting Study Committee. This is a typical starting point for most states looking to pass some sort of sports betting legislation.
Other states like Illinois and Louisiana have, in the past, created similar committees to examine all the pros and cons of legalizing additional forms of gambling.
For now, the state is on a “wait and see” timeline.
Should Vermont one day legalize sports betting, it will be interesting to see where customers will be able to place bets. Typically, customers head to brick-and-mortar casinos to place wagers at retail sportsbooks. Since the state has no physical casinos, this option will be out of the question.
The state could take a more progressive approach like Tennessee and simply legalize mobile sports betting only. This would eliminate the need for physical locations and simply allow customers to place bets from their smartphones or online.
Regardless, it is up to state lawmakers to determine which course of action to take.
Across the US, the legal minimum age to gamble tends to hover somewhere around 18 to 21 years old.
In places like California, the legal gambling age is 18. But in places like New York and Massachusetts, the minimum age to place a sports bet is 21 years old.
Any future bill will likely determine the minimum age for sports betting.
At the moment, any form of sports betting, retail or mobile, is illegal.
Traditionally, customers travel to physical casinos, provide the proper identification and sign up for a sports betting account. In Vermont, there are no physical casinos. So either a casino would have to be built or the state would vote to move forward with mobile-only betting. Customers simply sign up from the comfort of their homes while still providing proper identification.
Should Vermont take the latter route, geolocation will act as a digital border around the state and only allow those within state lines to sign up for an account.
Just like an online bank account, customers will need to fund their sports betting accounts in order to place bets. Some sportsbooks like DraftKings and FanDuel offer unique perks for new users, so be sure to check beforehand.
Most online sportsbooks offer several ways to fund your account.
Withdrawals are easy if you use the same method you used to make your deposit.
Much like a secure bank transfer, simply select the “withdraw” option on the app of your choice and make sure it’s connected to your bank account.
Either way, withdrawals are fast compared to the time that offshore sites take. Because these are not allowed to use the US banking system, it can take weeks to claim your winnings from an offshore sportsbook.
Should mobile sports betting become a reality, it’s with 100% certainty that all users will have to be located in Vermont to place bets.
Geolocation technology will create a digital border around the state. If customers venture across state lines, they will no longer be able to place bets with Vermont-specific sportsbooks.
Online gambling is regulated at the state level, not the federal level, so Vermont law no longer applies when you leave the state.
If you have an existing sports betting account, say with an book licensed in New York, and the same brand launches in Vermont, you must set up a separate account. You can’t use your New York account to play in Vermont and vice versa.
The odds available in Vermont will most likely be as competitive as any other state in the US.
The one caveat to this is the tax rate. For example, sports betting taxes in Pennsylvania are 36% of revenues and, so far, odds have not been affected. If you look at California, which also does not have sports betting, proposed tax rates have been as low as 10% or as high as 20%.
Since there are no professional sports teams in Vermont and less than a handful of Division I universities, local in-state options will be limited. However, there are a number of teams and colleges in surrounding areas that will provide betting options for Vermont residents.
Customers will likely be able to bet on all professional and collegiate teams across the US.
Any sports betting law may specify the types of permitted sports bets. But the regulator will probably have a great deal of latitude. This enables the industry to innovate without being stifled by a law that didn’t anticipate technological change.
Some of the common types of bets are:
Live betting, or in game betting, allows customers to bet on a game after it has already started. Technology is so advanced now that sportsbooks can adjust odds in real time in response to what’s happening during a game.
A few examples of live wagers include:
Vermont is relatively small, so it’s hard to say which sportsbooks will try to launch in the state. With that being said, some that could set up shop in Vermont include:
All are already active in the US market and could find their way into Vermont.
Unfortunately, no. Any and all forms of online gambling are illegal in Vermont.