Vermont Sports Betting: A New Frontier
Vermont joined the growing list of states with legal sports betting on January 11, 2024, marking a significant moment for sports enthusiasts in the Green Mountain State. The launch was the culmination of a legislative process that saw Governor Phil Scott sign bill H.127 into law in June 2023. This legislation established a framework for mobile-only sports wagering, a model that has proven successful in other states. The Vermont Department of Liquor and Lottery is tasked with overseeing the new industry, ensuring a safe and regulated environment for bettors.
The journey to legal sports betting in Vermont was a multi-year effort. Lawmakers had been considering various proposals since the Supreme Court's 2018 decision to overturn the Professional and Amateur Sports Protection Act (PASPA). The final bill, H.127, was a compromise that balanced the interests of consumers, the state, and the sports betting operators. The state's decision to go with a mobile-only model reflects the changing landscape of the betting industry, where convenience and accessibility are paramount.
Available Sportsbooks in Vermont
Vermont's sports betting market launched with three major players: DraftKings, FanDuel, and Fanatics Sportsbook. These operators were selected through a competitive bidding process and represent some of the most recognizable names in the industry. While the law allows for up to six sportsbooks, the initial launch with three provides a solid foundation for the market to grow.
DraftKings
DraftKings is a household name in the world of daily fantasy sports and has successfully transitioned into a leading sportsbook. Known for its user-friendly interface, extensive betting markets, and innovative features like same-game parlays, DraftKings is a popular choice for both new and experienced bettors. The platform offers a wide range of sports to bet on, from major leagues like the NFL and NBA to more niche sports.
FanDuel
FanDuel, another giant in the daily fantasy sports space, has also become a dominant force in the sports betting market. FanDuel's app is praised for its clean design and intuitive navigation, making it easy for users to find and place their bets. The sportsbook is also known for its generous promotions and competitive odds, which help to attract and retain customers.
Fanatics Sportsbook
Fanatics, a company best known for its sports apparel and merchandise, is a newer entrant into the sports betting world. However, the company has quickly made a name for itself with a unique loyalty program that rewards bettors with FanCash, which can be used to purchase merchandise. This innovative approach sets Fanatics apart from its competitors and provides a unique value proposition for sports fans.
Types of Bets Available
Vermont bettors have access to a wide variety of betting options, including:
- Moneylines: A simple bet on which team will win a game.
- Point Spreads: A bet on the margin of victory in a game.
- Totals (Over/Under): A bet on the total number of points scored in a game.
- Parlays: A bet that combines multiple individual bets into one, offering a higher potential payout but also a higher risk.
- Teasers: A type of parlay where the bettor can adjust the point spread or total in their favor in exchange for a lower payout.
- Futures: A bet on an event that will happen in the future, such as which team will win the Super Bowl.
- Prop Bets: A bet on a specific event or player performance within a game, such as how many touchdowns a quarterback will throw.
- Live Betting: A bet placed on a game that is already in progress, with odds that change in real-time.
Tax Implications for Winnings
Sports betting winnings are considered taxable income in the United States. In Vermont, bettors are required to report any winnings to the IRS. If a bettor wins more than $600, the sportsbook is required to issue a Form W-2G. It is important for bettors to keep track of their wins and losses throughout the year for tax purposes. The federal tax rate on gambling winnings is a flat 24%, and Vermont also has its own state income tax that applies to gambling winnings.
Mobile vs. Retail Betting
Vermont has opted for a mobile-only sports betting market, meaning that there are no physical, retail sportsbooks in the state. This decision was likely influenced by the state's rural nature and the success of mobile betting in other states. Mobile betting offers a number of advantages, including convenience, accessibility, and the ability to compare odds across multiple sportsbooks. While some bettors may prefer the social experience of a retail sportsbook, the mobile-only model is a modern and efficient way to offer sports betting.
Tips for Bettors in Vermont
- Shop for the best odds: With three sportsbooks to choose from, it's important to compare the odds before placing a bet. Even small differences in the odds can add up over time.
- Take advantage of promotions: Sportsbooks offer a variety of promotions to attract new customers and retain existing ones. These can include bonus bets, deposit matches, and odds boosts.
- Manage your bankroll: It's important to set a budget for sports betting and stick to it. Never bet more than you can afford to lose.
- Do your research: Don't just bet on your favorite team. Take the time to research the teams and players involved in a game before placing a bet.
- Understand the different types of bets: There are many different types of bets available, and it's important to understand how they work before you start betting.
Responsible Gaming Resources
Vermont is committed to responsible gaming and provides a number of resources for those who may be struggling with a gambling problem. The Vermont Lottery Commission's website has a section on responsible gaming with information on how to get help. Additionally, the National Council on Problem Gambling operates a national helpline that is available 24/7. It is important to remember that sports betting should be a form of entertainment, and it's important to gamble responsibly.
For help with a gambling problem, you can call the National Problem Gambling Helpline at 1-800-522-4700 or visit the National Council on Problem Gambling's website at ncpgambling.org.