Vermont mulls latest mobile betting bill
Operators face $10,000 licensing fee and 10% tax on gross betting revenues in new bill presented to senate committee
Vermont lawmakers are considering a bill this week to allow mobile betting in the state.
According to the bill, operator licenses will incur a fee of $10,000 and be valid for two years before coming up for renewal, at a cost of $10,000.
A 10% tax on adjusted gross revenues has been proposed for real-money betting, while fantasy sports will be taxed at 10% of net revenues.
The act, initially presented to the Senate Committee on Economic Development, Housing and General Affairs, will take effect on 1 July 2020 if it is approved by the House and the Governor.
The state doesn’t have any brick-and-mortar casinos and therefore there is no limit on the number of licenses available.
A similar betting bill was presented to the House in March last year, but it did not gain any traction.
Neighboring state New Hampshire launched mobile betting at the beginning of January, with the DraftKings-powered app reporting over $3m in bets placed in the first week following 16,000 sign-ups.