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Regulation

Vermont Embraces Online Sports Betting with FanDuel, DraftKings Launch

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Vermont Ushers in New Era with Online Sports Betting

In a landmark move, Vermont has officially opened its online sports betting (OSB) market, marking a significant step in the state’s gambling landscape. As of 12am ET on January 11, Vermont residents and visitors can place bets with leading sportsbooks FanDuel, DraftKings, and Fanatics.

Anticipated Revenue Boost for Vermont

The Green Mountain State is set to reap significant financial benefits from the introduction of OSB. Initial forecasts predict a tax revenue of $7 million in the first full year of operation, with potential growth to $15-18 million annually as the market matures.

Selective Licensing Process

Vermont’s Department of Liquor and Lottery (DLL) oversaw a competitive bidding process to grant operating licenses to FanDuel, DraftKings, and Fanatics. Despite offering up to six licenses, not all interested operators made the cut. ESPN Bet, under Penn Entertainment, withdrew due to documentation issues, while BetMGM’s revenue-sharing model did not align with the DLL’s criteria.

DLL Commissioner Comments on Launch

DLL Commissioner Wendy Knight expressed satisfaction with the chosen operators. “We are delighted to bring three esteemed companies to provide a secure, regulated mobile sports wagering platform,” Knight stated.

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Debate Over Licensing Fees

The legislative framework, House Bill 127, signed by Governor Phil Scott in June last year, imposed a 20% revenue tax and a stringent $550,000 fee for a three-year license. Critics have noted that this fee is relatively steep given Vermont’s population of just 750,000, potentially limiting the number of operators.

FanDuel and DraftKings: A Competitive Presence

The state’s launch has sparked a renewed competition between FanDuel and DraftKings, leaders in the US mobile betting market. While FanDuel maintains a lead in online sports betting revenue, DraftKings holds the upper hand in combined OSB and iGaming revenue.

DraftKings’ Excitement for Regional Expansion

Matt Kalish, co-founder of DraftKings, expressed enthusiasm about the expansion in New England. “As a Boston-based company, we’re excited to bring safe, legal sports betting to Vermont,” he remarked.

As Vermont steps into the online sports betting arena, the state not only opens up new revenue streams but also joins a growing list of US states embracing digital gambling platforms.

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Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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Legislation

Maryland Bill Seeks to Ban Online Gambling on College Campuses

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Maryland Bill Aims to Prohibit College Campus Gambling

As a seasoned gambling professional, staying abreast of legislative developments is paramount to understanding the evolving regulatory landscape. Maryland has recently garnered attention with the introduction of House Bill 1087, signalling a bold move to curtail online gambling activities on college campuses within the state. In this in-depth analysis, we delve into the intricacies of the proposed legislation, exploring its objectives, potential implications, and the broader implications for the gambling industry.

House Bill 1087, introduced in Maryland, seeks to prohibit online gambling on college campuses, underscoring concerns about the proliferation of gambling activities among students. The bill mandates the establishment of virtual perimeters, known as “geofences,” around college campuses to block access to online sportsbooks via cell phones. This proactive measure aims to mitigate the negative impact of gambling on campus communities and safeguard student welfare.

Under HB 1087, four-year public institutions, Baltimore City Community College, and local community colleges in Maryland are tasked with contracting geolocation service companies partnered with licensed sports betting operators. These institutions must implement the virtual perimeters by August 1, 2024, ensuring strict enforcement of the proposed ban on campus gambling. While the bill anticipates increased expenses for colleges, it asserts no revenue impact, emphasizing its primary objective of promoting a safe and responsible campus environment.

Despite the bill’s noble intentions, concerns have emerged regarding the practicality of enforcing geofences on college campuses. Towson University, a prominent public university in Maryland, has voiced apprehensions about the feasibility of implementing geolocation restrictions effectively. Challenges such as geolocation accuracy, mobile device settings, ethical considerations, and private network usage pose significant obstacles to enforcement, raising questions about the efficacy of the proposed legislation.

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Maryland’s foray into sports betting in November 2022 marked a significant milestone in the state’s gambling landscape, with ten operators, including industry giants like FanDuel and ESPN Bet, entering the market. However, the introduction of HB 1087 underscores a shift in regulatory focus towards addressing emerging concerns surrounding gambling accessibility and its potential impact on vulnerable populations, particularly college students.

As the debate surrounding House Bill 1087 unfolds, it prompts crucial discussions about the intersection of gambling, education, and regulatory oversight. While advocates argue for stringent measures to combat problem gambling and protect student well-being, critics raise valid concerns about the practicality and effectiveness of geofencing solutions. Ultimately, Maryland’s legislative initiative serves as a microcosm of broader efforts to strike a balance between consumer protection and industry growth in the ever-evolving landscape of online gambling regulation.

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