Sports betting is an industry that never seems to get out of the news, and there are three states that have been in the news over the last few days. The state of Vermont is where the most positive sports betting news is coming from, while Maine and Minnesota continue to face some challenges.
A sports betting bill in the state of Vermont has been bouncing around between the House and Senate, but there is now just one step away from the governor’s desk. Vermont is expected to become the second state in 2023 to legalize sports betting, but there is still one big vote that remains.
Maine has already legalized sports betting, but it appears that this state could struggle to get online sports betting operators to apply for a license. Minnesota lawmakers continue to try and get a bill approved, but there is just too much opposition that remains.
Many Changes to Vermont Bill
The sports betting bill in Vermont that is currently sent back to the House looks much different than the one that was originally introduced. Vermont Senators approved several amendments through a voice vote, and the number of potential operators was at the heart of the issue.
There could be a maximum of six sports betting licenses in the state of Vermont, and that number has been bumped up. The other major changes to the original bill focuses on the rules and regulations when it comes to promoting responsible gambling.
Lawmakers are hoping to protect anyone in the state that is under 21 years of age by placing restrictions on the advertisements. Vermont will also be sending some sports betting revenue back to the state to use to help fight problem gambling.
Maine Will Struggle For Operators
The biggest names in the sports betting industry are usually quick to apply for a sports betting license throughout the country. There are certain circumstances that sometimes keep operators from submitting an application, and that appears to be taking place in the state of Maine.
A sports betting launch in Maine is still months away, but that launch might not happen at all without operators. BetMGM, DraftKings, and FanDuel are all expected to pass on the opportunity to apply for a license due to revenue restrictions.
Maine will allow the Native American tribes to run the online sports betting industry, and outside operators can only keep 40% of the revenue. One option for operators is to partner with a casino or race track as a way to keep a larger chunk of the profit.
Sports betting was first legalized in Maine back in Spring 2022, but an early January 24 launch is likely.
All About Horse Racing in Minnesota
The Minnesota Senate is expected to start discussing sports betting once again after a recent amendment was made. The Senate State and Local Government Committee had previously tabled a bill, but getting horse racing involved could bring it back.
The horse racing tracks might still be left out of sports betting when it comes to accepting wagers, but they could potentially get some of the profits. According to the most recent amendment, horse racing tracks would receive 30% of all of the profits that come from sports betting.
Native American tribes continue to push for the legalization of sports betting as they are hoping to cash in on the growing industry. Legislators in Minnesota are running out of time, and they will have to come to an agreement quickly.