In June 2023, a bill was signed that legalised sports betting in the state of Vermont. Now, that historical change has gone into effect and sports betting markets have been opened up across the region, permitting ‘up to six’ online sportsbooks to break into the new market. At present, the likes of FanDuel, DraftKings, and Fanatics have kicked off their offers in the Green Mountain State, welcoming eager users amid high expectations.
It’s estimated that through 2024, Vermont’s new betting markets will generate around $7 million in revenue for the state. From there, growth is expected, hitting a high of $18 million annually by 2026. This highly regulated fledgeling market has opened up ahead of the NFL Playoffs, which is expected to draw many bettors from around Vermont to these three top-tier betting platforms.
The Best Time To Do It
With the trio of DraftKings, FanDuel, and Fanatics making their way into Vermont, bettors will have a hard time choosing which platform to wager on. As these three operators break into the state, they continue their dominance in the United States as more regions open their doors to online betting practices. Here’s the state of play now that the operators have entered Vermont:
- DraftKings (26 states)
- FanDuel (25 states)
- Fanatics (10 states)
Fanatics has a desire to be the leading platform in North America and has been ramping up operations of late – it has already advertised some lucrative promotions in Vermont.
In a statement, the President of DraftKings NA, Matt Kalish, said:
‘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.’
Wendy Knight (Commissioner of the Dept. of Liquor and Lottery), who revealed the go-live date for Vermont’s sports betting markets a while ago, 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.’
There are three operator spots left open as per the legislature, and it’s not yet known which platforms will step in to apply for a license. Over time, the US sports betting market has become dramatically valuable, with states recording record-high revenue streams. This isn’t the last expansion we’ll see in the coming weeks.