It looks as if the beginning steps are being taken in the state of Vermont that will determine if legalized sports betting would be something people want in the near future.
The State Senate voted to put together a committee that would take a closer look at how they could go about regulating and taxing sports betting. Early estimations suggest that sports betting could bring in up to $4 million in tax revenue for Vermont.
The bill is set to go into effect on July 1st, and there is a deadline of Dec. 15, 2020, by which time the study must be complete and provided to the Senate.
The Creation of the Bill
The sports betting study committee is clearly laid out in Bill S59, which was approved by the Senate Committee on Economic Development, Housing, and General Affairs.
It didn’t take long for the Senate to move the bill along, as it was only one day after returning from the 10-day suspension that was due to the current COVID-19 situation that is gripping the nation and the world at this time.
Rather than meet in person the committee adhered to social distancing and spoke through a conference call instead. The legislature currently has the date of May 8th on the calendar as the date in which it will adjourn.
The bill wasn’t overly complicated as it consisted of just three pages and laid out what would be studied and how. The committee would be tasked to look at how the state could regulate legalized sports betting and how to go about taxing it.
The study committee will need to have representatives from the Secretary of Commerce and Community Development, the state Attorney General, two current members of the Senate (which would be appointed), the Commissioner of Liquor and Lottery, and the Commissioner of Taxes, the Secretary of State.
Right now, both New York and New Hampshire offer legalized sports betting, and because they border Vermont it puts them at a disadvantage. The state is unable to compete with its neighbors and they are missing out on that potential revenue stream.
Massachusetts also borders Vermont, but it hasn’t yet given the green light to legalized sports betting. With that said there are a number of active discussions happening on the matter at this time.
What Does the Future Look Like for Vermont?
As for the future of legalized sports betting, right now Vermont Governor Phil Scott is feeling optimistic. His belief is that the study committee will help to lay out the framework to make statewide mobile sports betting, among other types of sports betting, legal.
With all eyes on the current healthcare crisis, this one seems to be flying under the radar at the moment, but as the committee forms and starts to get closer to its December 2020 deadline, expect to hear more on the topic and where the sports betting industry may be heading in Vermont.
Obviously, the results of the study will play a huge role in creating that path forward. However, 2021, could finally be the year that Vermont joins two dozen other states with legalized sports betting.
As a longtime freelance writer, avid sports fan, former athlete, and experienced sports bettor, Rick Rockwell has risen up the ranks at GamblingSites.org to become the self-professed "King of the Blog" in his first year with the site. ...
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