Vermont legalizes sports betting: What you should know.

[ad_1]

Legal online sports betting is coming to Vermont.

That’s because Governor Phil Scott has signed bill The bill authorizes the state Liquor and Lottery Department to establish betting systems with as many as six national companies.

What is sports betting?

Online sports betting allows you to bet on the outcome of a game or the likely outcome of a game. Most bets are proposition bets and are based on possible outcomes, such as how many strikeouts an inning will take.

Online gambling was banned in all states except Nevada until 2018, when the U.S. Supreme Court struck down a law banning the activity — known as the Professional and Amateur Sports Protection Act and passed in 1992. The ruling opened the floodgates for states to pass their own sports betting legislation.

Why Vermont Lawmakers Legalized Sports Betting This Year

Thousands of Vermonters have already engaged in legal sports betting by traveling to another state. Since betting depends on your phone’s location, Vermonters can place bets if they’re in a state that allows betting, such as New Hampshire. People travel for sports betting! The practice of blocking or allowing sports betting based on your physical location is known as geofencing.

It is also believed that many Vermonters currently place bets online with illegal businesses established outside the United States and that there are no consumer protections associated with these operations. The bill is seen by its supporters as an important consumer protection measure.

more from fresh air: The Story Behind the Sports Betting Boom

What types of sports can you bet on?

A person can bet on professional or college sports in almost any country, with the exception of high school and junior high school events.

Additionally, Vermonters cannot wager on college sports events involving institutions that are “primarily located” in Vermont unless that college is participating in a national athletic championship — such as the University of Vermont’s NCAA basketball tournament.

Where can you bet? Will there be any physical locations, or will it all be done electronically?

Everything will be done electronically—the bill expressly does not allow any brick-and-mortar gaming sites in Vermont. Also, credit cards cannot be used for wagering purposes, as are all current Vermont Lottery games. You will need to use a debit card to reflect cash in the bank to pay for bets.

Is there a minimum age limit for betting?

The minimum age is 21 – just like any other lottery game.

How often can you bet?

The goal is to have the system up and running in January. The Ministry of Liquor and Lotteries will take some time to accept bids from state companies and then negotiate how much of the company’s profits will be sent to the state. The bill did initially limit the number of state corporations to no more than six.

What safeguards are in place to prevent cheating?

In the vast illegal sports betting market, cheating can now happen. State companies should have an algorithm to alert people if unusual gambling activity occurs.

For example, if the UVM basketball team is expected to play a close game in the NCAA Basketball Tournament, in which case betting on Vermont’s publicly funded institution is allowed, and the betting line shows that UVM wins for a lot of money over 20 points – The system detects this unexpected behavior.

More on NPR: Questionable Sports Betting Involving University of Alabama

The betting scandal at the 1919 World Series is always brought up, when Chicago White Sox players were paid to pitch. The players demanded a raise, but the owner refused to pay them. So the gamblers bet a lot of money on another team and paid some White Sox players to lose on purpose! There are other examples of athletes taking bribes in an attempt to influence the “point margin” of a game – so their team might still win – but not by the point margin established for the game by the gambler.

Is your gaming income taxed? How many?

All lottery winnings must be reported as “revenue” to state and federal governments, and sports betting follows this model.

How much money will the country get from it, and where will it go?

This is estimated The program could raise $2-3 million per year to start. However, once the system is fully operational — which could take several years — it could increase to $100,000 to $15 million per year.

The money will be deposited into a dedicated sports betting corporate fund. This fund will be used to pay for the additional administrative expenses of the Wine and Color Department, which is estimated to be about 500,000 yuan per year in the initial stage.

The bill also requires the state’s problem gambling fund to receive $250,000 a year. Lawmakers have been told this is necessary because online sports gambling is estimated to be about twice as addictive as other types of gambling, such as poker or horse racing.

What other states have legalized sports betting, and how does it work elsewhere?

Most states in the United States, including all other states in the Northeast, have authorized online sports betting. Massachusetts is the latest, starting April 1. States have managed the program differently — some have adopted a so-called “state-controlled” model, such as Vermont, while others have allowed National Gaming to primarily oversee the system. Vermont will focus on the experiences of these states to avoid potential problems in the future.



[ad_2]

This news collected fromSource link

Leave a Reply

Your email address will not be published. Required fields are marked *