Vermont Sports Betting: A Comprehensive Guide
Vermont, like many other states, has legalized sports betting. This guide provides a comprehensive overview of everything you need to know about sports betting in the Green Mountain State.
The Legalization of Sports Betting in Vermont
In November 2022, Vermont voters approved Proposition 5, which legalized sports betting in the state. The Vermont Legislature passed a bill in June 2023 that established the regulatory framework for sports betting. The Vermont Lottery Commission is responsible for overseeing sports betting in the state.
Types of Sports Betting Available in Vermont
There are two main types of sports betting available in Vermont:
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Retail sports betting: This involves placing bets at a physical location, such as a casino or sportsbook.
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Online sports betting: This involves placing bets through a website or mobile app.
Vermont currently has two licensed retail sportsbooks:
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BetMGM Sportsbook & Lounge at MGM Springfield: Located in Springfield, Massachusetts, just across the state line from Vermont.
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Twin River Sportsbook at Twin River Casino Hotel: Located in Lincoln, Rhode Island, about a 45-minute drive from Burlington, Vermont.
There are also several licensed online sportsbooks that accept bets from Vermont residents:
- DraftKings Sportsbook
- FanDuel Sportsbook
- BetRivers Sportsbook
- Caesars Sportsbook
- PointsBet Sportsbook
How to Place a Sports Bet in Vermont
To place a sports bet in Vermont, you must be at least 21 years old and physically located within the state borders.
To place a bet at a retail sportsbook:
- Visit the sportsbook in person.
- Create an account with the sportsbook.
- Deposit funds into your account.
- Place your bet.
To place a bet online:
- Visit the website or download the app of a licensed online sportsbook.
- Create an account with the sportsbook.
- Deposit funds into your account.
- Place your bet.
Types of Bets Available
There are a variety of different types of bets that you can place on sporting events. Some of the most common types of bets include:
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Moneyline: This is a bet on which team will win a game.
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Spread: This is a bet on the margin of victory in a game.
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Over/Under: This is a bet on whether the total number of points scored in a game will be over or under a certain number.
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Parlay: This is a bet on multiple games that all have to win for you to collect.
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Teaser: This is a parlay bet with reduced odds and payouts.
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Prop bet: This is a bet on a specific event that will happen during a game, such as which player will score the first touchdown.
Betting Limits in Vermont
The Vermont Lottery Commission has established betting limits for both retail and online sports betting. The following are the limits for each type of bet:
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Moneyline: $500 maximum bet per game
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Spread: $1,000 maximum bet per game
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Over/Under: $1,000 maximum bet per game
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Parlay: $1,000 maximum bet per parlay
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Teaser: $1,000 maximum bet per teaser
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Prop bet: $500 maximum bet per prop bet
Taxes on Sports Betting Winnings in Vermont
Sports betting winnings in Vermont are subject to a 10% tax. This tax is withheld by the sportsbook and remitted to the state.
Responsible Gambling
It's important to remember that sports betting can be addictive. If you think you have a gambling problem, please seek help. The Vermont Department of Health has a gambling helpline that can provide you with information and resources.
The Vermont Problem Gambling Helpline: 1-800-522-4700
Stories
Story 1:
A Vermont man won $1 million on a sports bet in 2023. He placed a $100 bet on the Kansas City Chiefs to win the Super Bowl. The Chiefs won the game, and the man won $1 million.
What we learn: It's possible to win big money betting on sports in Vermont.
Story 2:
A Vermont woman lost $5,000 on sports bets in 2023. She placed bets on a variety of different games, but she lost most of them.
What we learn: It's important to be careful when betting on sports. It's possible to lose money, so only bet what you can afford to lose.
Story 3:
A Vermont man was arrested for illegal sports betting in 2023. He was operating an illegal sportsbook out of his home.
What we learn: It's important to bet on sports legally. Only bet with licensed sportsbooks.
Effective Strategies
There are a number of effective strategies that you can use to increase your chances of winning when betting on sports. Some of the most effective strategies include:
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Do your research. Before you place a bet, make sure you have a good understanding of the teams and players involved.
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Manage your bankroll. Only bet what you can afford to lose.
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Shop for the best odds. Compare the odds offered by different sportsbooks before placing a bet.
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Use bonuses and promotions. Many sportsbooks offer bonuses and promotions to new and existing customers. Take advantage of these offers to increase your bankroll.
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Don't chase your losses. If you lose a bet, don't try to win it back by placing more bets. This is a surefire way to lose more money.
How to Place a Sports Bet Step-by-Step
Step 1: Create an account with a licensed sportsbook.
Step 2: Deposit funds into your account.
Step 3: Choose the sport and event you want to bet on.
Step 4: Select the type of bet you want to place.
Step 5: Enter the amount of money you want to bet.
Step 6: Place your bet.
Conclusion
Sports betting is now legal in Vermont. There are a number of different ways to place a sports bet in the state, both retail and online. It's important to remember that sports betting can be addictive, so it's important to gamble responsibly.
