Vermont revealed the debut of its lawful online sports wagering market, meaning its players are now allowed to bet on sports with Fanatics, FanDuel and DraftKings.
Opening a legal online sports wagering market:
The official opening of the mentioned market was on January 11 at midnight local time. Along those lines, Wendy Knight, Commissioner of the Department of Liquor and Lottery, and Governor Phil Scott, validated the debut date during the previous month.
When it comes to the process of legalizing the market in Vermont, the Governor officially signed House Bill 127 into law in June of 2023, making sports wagering legal in Vermont. According to the legislation, a maximum of 6 online sportsbooks are allowed to operate in the state.
Also, operators that hold licenses are required to pay tax at a rate of 20% of adjusted gross sports wagering income. However, until now, 3 operators have been officially validated to provide mobile sports wagering. The operators are Fanatics Sportsbook, FanDuel and DraftKings, which were chosen by the Vermont Department of Liquor and Lottery via a tough bidding procedure.
In that regard, Knight said: “We are pleased to have selected three of the industry’s top companies to offer Vermonters and visitors the opportunity to engage in mobile sports wagering in a fun and safe regulatory environment.”
The Green Mountain State as the 21st US market for FanDuel and 26th for DraftKings:
The mentioned 3 license holders have already made their debut in the state. Relatedly, official registrations for accounts with Fanatics, DraftKings and FanDuel have formally opened ahead of the market debut.
The debut of DraftKings in Vermont marks the 26th US market for the company, beside Ontario, Canada. In addition, during this ongoing week, it also gained access to the regulated market of North Carolina, which represents its 27th US market.
Speaking about it, Matt Kalish, co-founder of DraftKings North America, said according to the source: “As a Boston-based company, we are thrilled for the opportunity to further expand in the New England region and provide Vermont with access to safe and legal sports betting. This is an exciting time of year with the NFL playoffs about to kick off and Vermonters will now have the opportunity to engage with their favorite sports on our industry-leading DraftKings Sportsbook app.”
As for FanDuel, Vermont is now the 21st US state where the firm is legally allowed to provide sports wagering. However, the firm gives the newest clients $200 in bonus wagers from the starting bet of $5.
On a related note, the firm was very successful in terms of income during the previous year, with its income from the 3rd quarter hitting $852.0 million in the US. This is the reason why the firm is considered “the best-performing portfolio firm” of Flutter Entertainment.
Fanatics expands its debut in Vermont:
Besides the two operators, Fanatics Sportsbook also debuted today in Vermont, as mentioned above. Additionally, the said state represents the 10th state in which Fanatics has debuted since Fanatics Betting and Gaming accepted the acquisition of PointsBet US.
On that note, Fanatics commented: “The Fanatics Sportsbook makes being a fan easy with fast signup, easy betting, transparent withdrawals and is disrupting the sports betting industry by offering the exciting new features to online customers in Vermont.”
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