Surrounded by states on the East Coast 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 permitting up to six mobile apps, passed the state House and Senate and now goes to Gov. Phil Scott, who indicated on Friday that he will indeed sign it, Legal Sports Report said.
Every state to the south of Vermont — all the way down to Virginia — has legalized sports betting. Vermont would be the 38th state to do so and becomes the last holdout in the Northeast to grant residents the right.
Vermont is the second-smallest state by population in the United States after Wyoming, so it's not expected to bring in a substantive windfall.
The state projects that operators will net $10 million a year in the first year and that the state will make $2 million in taxes.
For context, operators in the top grossing state, New York, cumulatively bring in more than that in a single week.
Despite having only 12 states left that have yet to approve sports gambling, it's still a substantive part of the population, seeing as it includes the two states with the highest population and GDP: California and Texas. The fourth-highest in both those categories, Florida, has approved the practice but is stuck in legal limbo.
Vermont will be one of two states, along with Tennessee, to only permit online sports betting.
The official launch is expected for January 2024, with operators set to begin the bidding process in August.
